Exane cuts Iberdrola to 'neutral'; says pause after rally needed

Iberdrola SA

26/02/2026 09:45

** Exane BNP Paribas cuts Iberdrola IBE.MC to "neutral" from "outperform", seeing a need for a pause after the Spanish utility's strong rally

** After a more than 100% total return in two years and a 15% stock rise since November, Exane says it is time to "reassess the equity thesis and explore any potential upside"

** However, the broker remains confident in Iberdrola's superior quality and higher, well-diversified growth that justifies the current premium for the stock

(Reporting by Tiago Brandao)

((Tiago.Brandao@thomsonreuters.com;))