J.P. Morgan raised Naturgy Energy Group to “overweight” from “neutral” and increased its 2027 price target to €30.50 from €26.70.
JPM lifted 2026 adjusted EPS to €2.05 and EBITDA to €5.42 bn, 2.5% above Bloomberg consensus, citing earnings upside.
Shareholder changes, with CVC holding 13.8% after BlackRock’s 11.4% stake sale, could end a large stock overhang.
JPM sees €7 bn acquisition capacity at ~10x EV/EBITDA, preserving BBB rating and potential 5.6% EPS accretion.