Centrica (CNA)

Down
Share Price:
93.94p
Market Cap:
5,542m
Change Today:
-1.88p
Sector:
Utilities

JPMorgan upgrades SSE to 'overweight'

By Michele Maatouk

Date: Tuesday 20 Sep 2022

LONDON (ShareCast) - (Sharecast News) - JPMorgan Cazenove upgraded SSE on Tuesday to 'overweight' from 'neutral' and hiked the price target to 2,100p from 1,585p.
Within a challenging backdrop for the sector, the bank said it believes large integrated utilities with scale and experience such as SSE should be more highly valued than in the past.

"The company's portfolio of assets looks highly attractive," it said. "Renewables are the key to solving the energy trilemma, striking the balance of security of supply (away from imported gas), affordability and sustainability."

JPM said it sees electricity networks as the backbone of the energy transition, with significant investment needed to meet government climate ambitions, including 50GW of offshore wind by 2030.

"Finally, flexible dispatchable generation assets can respond to market volatility, driving financial performance. In this context, we think today's share price discounts a harsh outcome on government intervention in wholesale electricity prices, and/or under appreciates SSE's networks growth profile."

JPM noted that its FY23 earnings per share sits 5% ahead of Bloomberg consensus, while its FY26 estimate sits toward the top end of guidance.

The bank also said it was placing SSE on "positive catalyst watch", given several upcoming events into year-end, which it reckons could drive a re-rating.

JPM retained its 'overweight' rating on Drax and Centrica.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Centrica Market Data

Currency UK Pounds
Price 93.94p
Change Today -1.88p
52 Week High 96.60p
52 Week Low 64.78p
Volume 16,685,430
Shares Issued 5,899m
Market Cap 5,542m

Performance Indicators

Compare performance with the sector and the market.

Key
Vs Market
Vs Sector
Value
market
  1. full market star
  2. full market star
  3. full market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. half sector star
  3. empty sector
  4. empty sector
  5. empty sector
Price Trend
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. full market star
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. full sector star
  5. full sector star
Income
market
  1. full market star
  2. full market star
  3. half market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Growth
market
  1. full market star
  2. half market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. half sector star
  3. empty sector
  4. empty sector
  5. empty sector
Price Chg 6m
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. half market star
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. full sector star
  5. half sector star
P/E
market
  1. full market star
  2. full market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. half sector star
  3. empty sector
  4. empty sector
  5. empty sector
PEG
market
  1. full market star
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Dividend Yield
Not Available
EPS Growth
market
  1. full market star
  2. full market star
  3. full market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. half sector star
  5. empty sector
Operating Margin
market
  1. full market star
  2. full market star
  3. half market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. half sector star
  4. empty sector
  5. empty sector

What The Brokers Say

Strong Buy 10
Buy 3
Neutral 1
Sell 0
Strong Sell 0
Total 14
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.