National Grid raises earnings outlook but Jefferies keeps 'hold'

Utilities Power & Utilities Written by: Ian Lyall 08:00 Mon 05 Oct 2026 --> Edited by: Jamie Ashcroft Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. National Grid PLC ( LSE:NG. ) View Price & Profile National Grid raises earnings outlook but Jefferies keeps 'hold' Published: 08:00 05 Oct 2026 EDT National Grid PLC (LSE:NG.) raised its earnings growth outlook following stronger performance at NGV, but Jefferies retained its 'hold' rating and 1,300p price target. The company now expects earnings per share growth for the 2026/27 financial year to be slightly above its previous guidance of 13-15%, Jefferies said. The broker calculated that the previous range's 15% upper end implied earnings of approximately 88.9p per share, around 3% above the VA consensus cited in its note. The stronger outlook is driven by approximately £130 million of better-than-expected performance from NGV, reflecting one-off fair value gains and stronger interconnector performance. Jefferies assessed the update as slightly positive, citing higher full-year earnings growth expectations. Elsewhere, New England operating profit is expected to return to more typical seasonal timing as the one-off impact of a FERC return-on-equity judgement falls away. Other divisions' profit timing is largely unchanged, while net debt is expected to remain broadly in line with full-year guidance. The next scheduled update is National Grid's results for the first half of 2026/27, due on 5 November. Continue reading