MS sees energy security to benefit utilities, adds Orsted to top picks

Oersted A/S

14/05/2026 10:11

** Morgan Stanley sees energy security as one of three mega themes benefiting European utilities, besides AI and energy transition

 ** It names three main areas of opportunity to play the energy security angle: faster electrification, renewables capacity extension and grid investments

** MS adds Denmark's Orsted to its top picks alongside National Grid NG.L and Engie ENGIE.PA

** It ups Orsted to "overweight" from "equal weight," and lifts its price target to DKK 225 ($35.27), seeing around 38% upside

 ** "Whilst Orsted is +33% YTD ... we still see valuation as undemanding with clear steps to achieving a higher SOTP value, unlike much of sector," it says

** The brokerage sees strong upside from lower risk on U.S. projects, solid growth and offshore wind-driven energy security demand ahead of the Danish utility

($1 = 6.3785 Danish crowns)

(Reporting by Elviira Luoma)

((Elviira.luoma@thomsonreuters.com))