Goldman Sachs keeps Sell rating on Terna stock

Published on 10/13/2026 at 09:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 12.00 percent to EUR 2.10 billion in the first half of 2026. Terna stock costs EUR 9.30 versus its EUR 10.41 high.

Key points in brief

Goldman Sachs maintained a Sell rating on Terna with a EUR 8.90 price target on October 13, 2026.
Terna reported first-half 2026 revenue of EUR 2.10 billion, up 12.00 percent year over year.
Terna stock was at EUR 9.30 at Lang & Schwarz on October 13, 2026, while its 52-week range was EUR 8.70 to EUR 10.41.

Makro Hochspannungskabel Tautropfen Terna - Rete Elettrica Nazionale IT0003242622 — Terna - Rete Elettrica Nazionale IT0003242622 Makro-Fotografie zeigt geflochtenes Hochspannungskabel mit Tautropfen und Keramik-Isolator, Illustration mit AI erstellt.

Goldman Sachs maintained its Sell rating on Terna stock on October 13, 2026, with a EUR 8.90 price target, according to Investing.com. Terna was trading at EUR 9.30 at Lang & Schwarz on October 13, 2026 at 9:41 a.m. CEST, putting the analyst call against a live German-market reference.

Three dated signals for Terna

On July 29, 2026, Terna reported first-half 2026 revenue of EUR 2.10 billion, up 12.00 percent year over year, while EBITDA rose 8.00 percent to EUR 1.50 billion, according to Investing.com. Net income increased 1.00 percent to EUR 591.00 million in the same period.

On September 16, 2026, JPMorgan maintained a Hold rating and a EUR 9.55 target for Terna, according to Investing.com. Goldman Sachs then maintained Sell at EUR 8.90 on October 13, 2026, creating a clear contrast between the two bank views.

What does the rating mean for valuation?

Investing.com listed 20 analysts on October 13, 2026, with 5 Buy ratings, 12 Holds and 3 Sells. The average 12-month target was EUR 9.85, while the high estimate reached EUR 11.20 and the low estimate EUR 8.70.

That spread matters because the Goldman Sachs target sits below the current Lang & Schwarz price, while the consensus target remains higher. Terna's operating profile helps explain the debate: the company runs Italy's electricity transmission grid and earns most of its income from regulated activities, but grid expansion requires sustained capital spending.

Next date for Terna investors

Terna's next earnings report is scheduled for November 12, 2026, according to Investing.com. The date gives investors a defined checkpoint for testing whether the first-half revenue increase and the 2026 outlook are carrying into the second half.

Stock remains below yearly high

Terna's market capitalization was EUR 18.6 billion on October 13, 2026. The 52-week range was EUR 8.70 to EUR 10.41, leaving the Lang & Schwarz price below the upper end of that range and above its low.

Terna is listed on Borsa Italiana under ticker TRN and belongs to the Utilities sector. The company combines regulated grid operations with non-regulated and international activities, so the next results will show whether growth is translating into earnings while investment intensity remains elevated.

Terna was trading at EUR 9.30 at Lang & Schwarz on October 13, 2026 at 9:41 a.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of Terna stock.