Zacks Investment Research Upgrades Red Electrica Corporacion SA (RDEIY) to “Buy”

Red Electrica Corporacion SA (OTCMKTS:RDEIY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $12.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.91% from the company’s previous close.

According to Zacks, “Red Electrica Corporacion, S.A. is primarily engaged in power transmission and operation of electrical systems in Spain. The Company performs its functions in coordination with the operators and clients of the Iberian power market to ensure continuity and security of power supply. Red Eléctrica also acts as the operator of the insular and extra peninsular power systems. The Company also provides consulting and advisory services and telecommunication services through its subsidiaries. Red Electrica Corporacion, S.A. is headquartered in Alcobendas, Spain. “

RDEIY has been the subject of several other research reports. Royal Bank Of Canada restated a “sector perform” rating on shares of Red Electrica Corporacion SA in a research report on Tuesday, September 5th. Societe Generale restated a “sell” rating on shares of Red Electrica Corporacion SA in a research report on Thursday, September 14th.

Red Electrica Corporacion SA (RDEIY) opened at 10.48 on Wednesday. The stock has a 50 day moving average price of $11.10 and a 200 day moving average price of $10.50. Red Electrica Corporacion SA has a 12 month low of $8.65 and a 12 month high of $11.57. The company has a market cap of $11.31 billion, a price-to-earnings ratio of 14.52 and a beta of 0.67.

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