Citi Has Hold on National Grid

Citi Investment Research is out with a research report on National Grid PLC (NYSE: NGG) and it has a Hold rating and a $47.05 price target on shares.

In a note to clients, Citi Investment Research writes, "We update our forecasts for latest company and economic data as well as information provided in the recent UK regulatory updates, specifically increasing capex 2015/16 onwards. W also roll our valuation forward to March 2012E and lift our Target price accordingly to $47.05 from $40.88 and retain our Hold rating."

Shares of NGG are down 46 cents to $48.40.