UBS raises target for Fortum stock to EUR 24.50

Published on 10/02/2026 at 15:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortum signed a 4.00 TWh Google power deal on September 9, 2026. Fortum stock costs EUR 23.68 versus EUR 23.51, plus 0.72 percent.

Extreme macro photo of intricate ice crystals and frost formations on steel high-voltage electricity pylon strut — Fortum FI0009007132 Eiskristalle auf Hochspannungsmast Stahl Makro Frost Winter Blau Mast Detail, Illustration mit AI erstellt.

Fortum (ISIN FI0009007132) was trading at EUR 23.68 at Lang & Schwarz on October 2, 2026, at 3:00:17 p.m. CEST, plus 0.72 percent versus the prior close of EUR 23.51. According to Investing.com on October 2, 2026, UBS upgraded Fortum to Neutral from Sell and raised its price target to EUR 24.50 from EUR 14.60.

Google deal changes the valuation

The UBS move follows Fortum's 4.00 TWh power purchase agreement with Google, which the analyst said provides evidence that Fortum can monetize data center demand. The agreement links the valuation debate to contracted nuclear revenue rather than only to short-term Nordic power prices.

Fortum and Google signed the 22-year agreement on September 9, 2026. According to Fortum, the contract can cover up to 50.00 percent of the Loviisa nuclear plant's capacity through 2050 and is expected to lift comparable return on net assets by 1.40 percentage points once that capacity is contracted.

Cash flow offsets weaker earnings

Fortum's second-quarter 2026 operating cash flow reached EUR 324.0 million, compared with EUR 203.0 million in the comparable period. Investing.com reported that comparable operating profit fell to EUR 106.0 million and comparable earnings per share declined to EUR 0.08 from EUR 0.09 in the second quarter of 2026.

The contrast matters for the stock. Cash generation improved by EUR 121.0 million year over year, while the operating-profit and earnings-per-share figures show that higher contracted revenue still has to translate into broader near-term profitability.

Stock remains below its yearly high

At EUR 23.68, Fortum stock stood 8.36 percent below its 52-week high of EUR 25.84 and 47.82 percent above its 52-week low of EUR 16.02 on October 2, 2026. UBS's EUR 24.50 target lies 3.46 percent above the Lang & Schwarz price, leaving a narrower valuation gap than the move from its earlier EUR 14.60 target suggests.

Fortum's next reported milestone is scheduled for October 28, 2026, when the company is set to publish third-quarter 2026 results, according to MarketScreener. That date gives investors the next test of whether the Google-linked growth narrative is appearing in reported operating figures.

Trading level and next results

Fortum was trading at EUR 23.68 at Lang & Schwarz on October 2, 2026, at 3:00:17 p.m. CEST, plus 0.72 percent versus the prior close of EUR 23.51. The further course of trading is shown by the continuously updated real-time quote of Fortum stock.