Fortum stock gains as JPMorgan and others raise targets after Google nuclear deal

Published on 09/10/2026 at 14:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortum stock stood at EUR 24.74 on Nasdaq Helsinki on September 9, 2026 after a 15.82 percent jump tied to a long-term Google nuclear power contract. JPMorgan and other banks raised their ratings and price targets on September 10, 2026, signaling a shift in sentiment.

Photorealistic nordic hydropower dam at frozen lake under polar twilight sky with snow-covered conifers — Fortum FI0009007132 nordisches Wasserkraftwerk an verschneitem See bei polarer Dämmerung mit Spiegelung, Illustration mit AI erstellt.

Fortum Oyj stock (ISIN FI0009007132) closed at EUR 24.74 on Nasdaq Helsinki on September 9, 2026, up 15.82 percent from the previous close as investors reacted to a 22-year nuclear power purchase agreement with Google in Finland, according to Investing.com on September 10, 2026.

Banks upgrade Fortum after Google nuclear contract

JPMorgan upgraded Fortum stock to Neutral from Underweight on September 10, 2026, raising its price target to EUR 24.30 from EUR 17.80 and explicitly citing the Google data center nuclear power deal as a key driver, according to Investing.com on September 10, 2026.

On the same day, several European banks also turned more positive on Fortum: SEB lifted its recommendation to Buy from Hold and raised its price target to EUR 29 from EUR 21, while Danske Bank moved to Hold from Sell with a new target of EUR 25, as reported by Zonebourse on September 10, 2026.

Goldman Sachs and Nordea also changed their stance, with Goldman Sachs upgrading Fortum to Neutral from Sell and setting a price target of EUR 25.50, and Nordea raising its recommendation to Hold from Sell, according to Zonebourse on September 10, 2026.

Price reaction and valuation context

The sharp move on September 9, 2026 followed news that Google had signed a 22-year agreement to purchase up to 50 percent of the output from one of Fortum's nuclear plants in Finland, with Fortum shares jumping about 15.5 percent on the day and becoming one of Europe’s strongest gainers, according to Univest on September 10, 2026.

Based on the September 9, 2026 close of EUR 24.74 on Nasdaq Helsinki, Fortum stock was trading near its 52-week high, which one Investing.com overview placed at USD 5.79 for the OTC line, highlighting how the rally brought the shares close to their recent peak in dollar terms as well as in euros, according to Investing.com on September 10, 2026.

Ahead of the September 10, 2026 pre-market indications, Tradegate data cited by MarketScreener showed Fortum around EUR 25.52, up roughly 3.1 percent over five days and more than 25 percent year to date, placing the stock above the new JPMorgan and Goldman Sachs targets but still below SEB's higher EUR 29 objective, according to Zonebourse on September 10, 2026.

Nuclear assets and medium-term earnings story

The Google contract focuses on nuclear power from Fortum's Finnish fleet and is described as the company's first nuclear power purchase agreement outside of the United States for Google, underlining the strategic importance of Fortum's baseload assets for large technology customers, according to Univest on September 10, 2026.

Analysts such as JPMorgan emphasized that the long-term duration of 22 years gives Fortum extended revenue visibility from nuclear generation, supporting cash flow stability and potentially improving leverage metrics compared with earlier expectations based on shorter-term contracts, as noted by Investing.com on September 10, 2026.

At the same time, commentaries pointed out that nuclear operations entail regulatory and safety responsibilities and that Fortum's earnings trajectory will still depend on wholesale power prices in the Nordic region, so the Google agreement is seen as a meaningful but not sole driver of long-term performance, according to Univest on September 10, 2026.

Fortum stock level on Nasdaq Helsinki

On Nasdaq Helsinki, Fortum stock's reference level for investors is the EUR 24.74 close of September 9, 2026, which marked a 15.82 percent gain versus the prior day and left the shares near their recent 52-week highs, based on data cited by Investing.com on September 10, 2026.