JPMorgan raises target for Naturgy stock to EUR 32.00

Naturgy stock gets a EUR 32.00 target from JPMorgan. First-half earnings rose 6.00 percent, with 2026 net income guidance above EUR 2.10 billion.

Naturgy Energy Group, S.A. (ES0116870314) has a higher JPMorgan price target of EUR 32.00, up from EUR 30.50. Bolsamania reported the change on October 3, 2026, while the analyst rating remained positive.

Target rises above recent results

The target increase gives Naturgy a concrete valuation marker after its first-half performance. The new EUR 32.00 target is EUR 2.00 above the former EUR 30.00 target? No, the prior target reported by Bolsamania was EUR 30.50, making the increase EUR 1.50, or 4.92 percent.

The underlying results also supplied fresh support for the debate. In its first-half 2026 presentation, Naturgy said earnings growth reached 6.00 percent, while net income rose to EUR 1.20 billion from EUR 1.10 billion a year earlier, according to Yahoo Finance.

Guidance sets the next test

Management upgraded its 2026 outlook after the half-year report. The presentation set adjusted EBITDA guidance above EUR 5.50 billion and net income guidance above EUR 2.10 billion, with both measures described as ahead of consensus by Yahoo Finance.

The guidance is important because the earnings mix was uneven. Electricity networks EBITDA increased 24.00 percent in the first half of 2026, while renewable-generation EBITDA declined 3.00 percent from the comparable period, according to the same presentation. That contrast leaves regulated networks as a key contributor to the upgraded outlook, while renewable margins remain more exposed to power prices.

Market value and reporting date

Naturgy had a market capitalization of EUR 27.3 billion as of October 7, 2026. The company is included in the IBEX 35, and its next earnings report is listed for October 28, 2026, by Investing.com.

For investors, the key comparison is between the EUR 32.00 target and the companys above EUR 2.10 billion net income guidance. Naturgys next report will test whether the upgraded outlook is translating into further operating progress.

Naturgy stock facts

• Company: Naturgy Energy Group, S.A.
• ISIN: ES0116870314
• Ticker: NTGY.MC
• Sector / Industry: Utilities
• Index membership: IBEX 35
• Market capitalization: EUR 27.3 billion (as of October 7, 2026)

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