Fortum stock gains analyst support after Google nuclear deal rerates the shares

Published on 09/14/2026 at 14:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortum stock trades close to newly raised analyst targets after Deutsche Bank lifted its rating to Hold with a EUR 24.00 price objective on September 14, 2026. The rally was sparked by a 22-year nuclear power agreement with Google announced on September 9, 2026.

Black and white reportage photo of energy technician in hard hat inspecting power plant switchgear panels — Fortum FI0009007132 Energietechniker mit Helm vor Schaltanlage im Kraftwerk der Schwarz-Weiß Reportage, Illustration mit AI erstellt.

Fortum Corporation stock (ISIN FI0009007132) is trading near freshly raised analyst targets after Deutsche Bank moved its recommendation from Sell to Hold and set a price objective of EUR 24.00 on September 14, 2026, with the shares recently changing hands around EUR 23.68 on Nasdaq Helsinki.

Analyst upgrades cluster after Google nuclear agreement

According to Goldesel on September 14, 2026, Deutsche Bank Research lifted its rating on Fortum from Sell to Hold and raised its price target sharply from EUR 15.70 to EUR 24.00, marking an increase of about 52.9 percent in the bank's valuation of the Finnish utility.

The same overview notes that Fortum stock was quoted at EUR 23.68 in early trading on September 14, 2026, down 1.46 percent on the day but still up 30.79 percent since the start of the year, leaving only about 1.4 percent theoretical upside to Deutsche Bank's new target at that moment.Goldesel

Beyond Deutsche Bank, a string of other houses has turned more constructive on the shares in recent days. As Zonebourse reported on September 14, 2026, BNP Paribas raised its recommendation on Fortum to Outperform from Neutral with a price target of EUR 28.30, while Danske Bank lifted its stance to Hold from Sell and set a target of EUR 25.00.

The same Zonebourse summary highlights further upgrades from SEB, which now rates Fortum Buy with a target of EUR 29.00 compared with EUR 21.00 previously, and notes that Oddo BHF earlier increased its objective from EUR 20.50 to EUR 23.50 while maintaining a Neutral rating.Zonebourse

Google nuclear power deal drives rerating

The wave of upgrades has been closely linked to a major long term nuclear power purchase agreement with Google. As Global Data Center Hub explains, Google announced on September 9, 2026 that it would invest at least EUR 13.0 billion in Finnish data centers and supporting infrastructure across 2027 and 2028 and simultaneously signed a 22 year power purchase agreement with Fortum covering up to 50 percent of the capacity of the Loviisa nuclear power plant.

Fortum's stock exchange release on the same day, as summarized by Global Data Center Hub, indicated that the agreement would support the company's Loviisa life extension program, which runs to approximately EUR 1.0 billion through 2050, and would unlock about EUR 700 million of capital spending that previously carried no final investment decision.Global Data Center Hub

According to the same analysis, Fortum expects the contract to lift its comparable return on net assets by around 1.4 percentage points once half of the Loviisa plant's output is contracted under the Google agreement, a figure that underscores why the deal has triggered a repricing of the equity.Global Data Center Hub

Global Data Center Hub also notes that Fortum shares closed at EUR 24.74 on Nasdaq Helsinki on September 9, 2026, up 15.82 percent from the prior close, as investors quickly priced in the improved long term earnings visibility from the 22 year nuclear power arrangement.Global Data Center Hub

Strategic graphite MoU adds battery recycling angle

Alongside the nuclear contract, Fortum is pushing into battery materials recycling. As OTC Markets reported on September 14, 2026, Talga Group and Fortum Battery Recycling have signed a strategic, nonbinding memorandum of understanding that envisions cooperation around European graphite supply for battery applications.

The agreement aims to explore integrated solutions combining Talga's graphite resources and Fortum's recycling capabilities to support European battery manufacturers, adding another potential growth pillar to Fortum's clean energy and circular economy portfolio.OTC Markets

For equity investors, the graphite MoU is less immediately impactful than the Google nuclear contract but reinforces the theme that Fortum is positioning itself across several segments of the energy transition, from stable baseload nuclear supply for data centers to advanced recycling in the battery value chain.

Stock consolidates below recent highs

Fortum stock closed at EUR 23.99 on Nasdaq Helsinki on September 11, 2026, down 0.46 percent from the prior session, as the market consolidated some of the gains posted after the Google deal.Ad hoc

The same price snapshot shows that Fortum shares were up 14.35 percent since the start of the year as of September 11, 2026 and that the closing price followed the sharp move on September 9, 2026, when the stock finished at EUR 24.74, gaining 15.82 percent in a single session after the nuclear agreement was announced.Ad hoc

While exact current intraday values are subject to normal market fluctuations, the recent history indicates that the shares are trading close to Deutsche Bank's EUR 24.00 target and well below more aggressive objectives such as the EUR 28.30 target from BNP Paribas and the EUR 29.00 target from SEB, leaving scope for differing views on further upside potential.