Fortum stock gains on Alphabet power deal and analyst upgrades

Published on 09/13/2026 at 14:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortum stock closed at EUR 24.74 on September 9, 2026, up 15.82 percent after a 22-year Alphabet power deal. JPMorgan, Goldman Sachs, Deutsche Bank and Morgan Stanley then lifted their views.

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 stock (ISIN FI0009007132) closed at EUR 24.74 on Nasdaq Helsinki on September 9, 2026, up 15.82 percent from the prior close. The move followed a 22-year power purchase agreement with Alphabet that has become the main catalyst for the Finnish utility.

Alphabet contract resets expectations

According to ad hoc news, Investing.com said on September 11, 2026 that the PPA covers 500 megawatts from Fortum's Loviisa nuclear plant and carries an estimated price range of EUR 80 to EUR 90 per megawatt-hour. The same report said Nordic forward prices were in the EUR 50s, which puts the contract at a premium of roughly EUR 30 per megawatt-hour.

The market reaction was immediate. The same report said Fortum stock had risen to EUR 24.74 on September 9, 2026, while the source also described the deal as a long-duration revenue anchor that reduces exposure to short-term power prices.

Broker targets move up

As ad hoc news reported on September 11, 2026, JPMorgan moved Fortum from Sell to Neutral with a price target of EUR 24.30, while Goldman Sachs shifted from Underweight to Neutral with a target of EUR 25.50. The same article said Deutsche Bank raised its target to EUR 24 from Sell, and Morgan Stanley lifted its target to EUR 25 from EUR 22.

That puts the cited target range at EUR 24 to EUR 25.50, only a few euros above the latest close. For investors, the key question is whether the Alphabet contract can support earnings at that level over the next few quarters.

Price sits near the range top

Per equity data in the same market snapshot, Fortum also had a 52-week range of EUR 10.99 to EUR 15.84, market capitalization of EUR 14.04 billion and volume of about 536,514 shares as of September 11, 2026. The latest close of EUR 24.74 sits above that range and underscores how sharply the stock has re-rated after the contract news.