Jefferies ups Redeia to 'buy' as earlier risks subside

Redeia Corporacion SA

02/04/2026 07:46

** Jefferies upgrades Spanish electricity grid operator Redeia REDE.MC to "buy" from "hold", saying that previous regulatory and blackout risks have faded

** Earlier concerns "have either already played out or are now largely reflected in the share price", which improves the risk-reward profile, it says

** A final blackout report points to multiple causes with no single party at fault, reducing the likelihood of fines, the broker adds

** It expects growth in the company's regulated asset base to accelerate beyond 2029 as it launches major projects

** It also notes that more than 70% of Redeia's capital spending through 2029 is fixed under supplier contracts, materially limiting execution and inflation risks

** Jefferies raises Redeia's PT by more than 4% to 16.5 euros and highlights an attractive 2026 dividend yield of around 6%

** Out of 24 analysts that cover Redeia, 10 rate the stock "strong buy" or "buy",​ 11 "hold" and three​ "strong sell" or "sell" - LSEG data

(Reporting by Marta Serafinko in Gdansk)

((marta.serafinko@thomsonreuters.com; +48 58 769 66 00;))