Citi resumes Redeia at 'buy' as growth story 'delayed, not canceled'
23/07/2025 08:54
** Citigroup resumes coverage on Spanish power grid operator Redeia REDE.MC with a 'buy' rating, stating the firm's growth story "has been delayed... not canceled" ** The broker expects full approval of Spain's Grid National Investment Programme and regulatory review by the end of the year, which it believes will lead to consensus earnings upgrades ** According to the brokerage, the recent Spanish blackout poses limited risk for the company and could even drive further investment ** "Redeia currently trades at an 11% premium to FY25 RAB, which is at a discount to other European regulated utilities trading at an average 25%," Citi says, setting the price target at 19.7 euros (Reporting by Javi West Larrañaga; Editing by Jan Harvey) ((javier.west@thomsonreuters.com; +34 918 35 61 12))