UBS keeps Sell rating for National Grid stock at GBp 1,110 target

Published on 10/21/2026 at 10:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

UBS keeps a Sell rating and targets GBp 1,110. National Grid stock costs EUR 14.43 on October 21, 2026, 0.10 percent below the Xetra close.

Analyst view and reporting date

National Grid raised its fiscal 2027 earnings growth outlook slightly above 13 to 15 percent on October 5, 2026.
UBS retained its Sell rating and set a GBp 1,110 target on October 20, 2026.
National Grid stock trades at EUR 14.43 at 10:18 a.m. CEST at Lang & Schwarz on October 21, 2026, 0.10 percent below the Xetra close of October 20, 2026.
National Grid will publish half-year results for the six months ended September 30, 2026, on November 5, 2026.

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National Grid stock (ISIN GB00BDR05C01) was trading at EUR 14.43 at Lang & Schwarz on October 21, 2026, at 10:18 a.m. CEST, 0.10 percent below the Xetra close of October 20, 2026 at EUR 14.45. The Market Reporter said on October 20, 2026 that UBS retained its Sell rating and set a GBp 1,110 target.

Why the earnings outlook matters

National Grid's latest company update points to slightly stronger earnings growth, but the quality of that improvement matters. In its October 5, 2026 pre-close update, FT.com reported that National Grid expected fiscal 2027 underlying earnings per share growth to come in slightly above its previous 13 to 15 percent guidance.

The company also expected National Grid Ventures and Other to deliver GBP 130 million of additional first-half performance relative to expectations. The update attributed that contribution partly to one-off fair value gains from two capital-market transactions and stronger interconnector performance, making the recurring earnings trend less clear.

What does UBS see in valuation?

UBS set its GBp 1,110 target against a share price of GBp 1,218, according to The Market Reporter on October 20, 2026. The same report said UBS lifted its full-year earnings per share forecast to GBp 91 from GBp 89, while viewing the investment gains as one-off items. That combination leaves the rating cautious even as the operating outlook improves.

Chronology provides the key sequence. On May 14, 2026, National Grid published full-year results with underlying operating profit of GBP 5,680 million for fiscal 2025/26, compared with GBP 5,221 million in fiscal 2024/25, according to FINCHANNEL. On October 5, 2026, the company lifted its fiscal 2027 earnings growth outlook above 13 to 15 percent. On October 20, 2026, UBS retained its Sell rating with a GBp 1,110 target.

Next reporting date

National Grid is scheduled to announce half-year results for the six months ended September 30, 2026, on November 5, 2026, according to the company's October 5, 2026 announcement carried by FT.com.

Stock stays below its Xetra close

The immediate market signal is modest: National Grid stock stood at EUR 14.43 at Lang & Schwarz on October 21, 2026, at 10:18 a.m. CEST, 0.10 percent below the Xetra close of October 20, 2026 at EUR 14.45. The next results will show whether one-off gains are followed by broader operating progress. The further course of trading is shown by the continuously updated real-time quote of National Grid stock.