National Grid stock retains Bernstein's Outperform rating

National Grid stock (ISIN GB00BDR05C01) last stood at GBp 1,127 on the LSE on September 25, 2026 at 4:35 p.m. London time, 0.75 percent below the previous close. Bernstein retained its Outperform rating and GBp 1,310 price target, according to finanzen.ch on September 25, 2026. The target lies 16.2 percent above the LSE price.

Bernstein backs the valuation

The latest Bernstein assessment argues that rising bond yields have less influence on European utility stocks over longer periods than short-term market correlations suggest. As finanzen.ch reports, analyst Jorge Alonso Suils included National Grid among his preferred utility stocks in the study originally published on September 24, 2026.

The valuation gap is measurable: the GBp 1,310 target exceeds the GBp 1,127 market price by GBp 183. During the September 25 session, the stock traded between GBp 1,127 and GBp 1,150, compared with a previous close of GBp 1,135.50.

Profit and investment increase

For fiscal 2025/26, underlying operating profit increased 8.8 percent at constant currency to GBP 5.680 billion from GBP 5.221 billion, according to National Grid. Underlying earnings per share rose 8.3 percent to GBp 78.0, while capital investment advanced 21.3 percent to GBP 11.576 billion.

The spending program is visible in individual grid projects. T&D World reported on September 24, 2026 that a consultation covers 37 miles of proposed overhead lines and upgrades to 41 miles of existing lines between Lincolnshire and Leicestershire. Construction is planned for 2029, with operations targeted for 2033.

Regulation remains decisive

Execution also depends on regulatory outcomes in the United States. AARP said on September 24, 2026 that it had urged New York regulators to reject or fully review a National Grid petition covering USD 1.7 billion of infrastructure projects and USD 248 million of regulatory liabilities. The dispute illustrates how investment growth and customer affordability can pull in opposite directions.

Stock remains below yearly high

National Grid stock was last valued at GBP 56.7 billion on September 25, 2026, with 7,809,869 shares traded. At GBp 1,127, the price stood 21.1 percent below its 52-week high of GBp 1,428.50 and 7.6 percent above its 52-week low of GBp 1,047.50.

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