Broker snap: Galvan sees solid uptrend at National Grid

2nd Sep 2013 11:15

Galvan Research has kept its positive stance on utilities group National Grid, saying it sees strong upside heading towards the end of 2013."The July guidance from National Grid provided ample fundamental affirmation to underpin the positive message from the general share price uptrend," said Thomas Light, Senior Analyst at Galvan."On this basis, Galvan Research rates the stock as a 'buy', and as 2013 draws to a close we expect the shares to rebound back to the best levels of the year," he said.The company said at the end of July that it had started the year well with a solid operational and financial performance during the first quarter. It also maintained its full-year outlook.From a technical analysis point of view, the broker said that the overall uptrend on the stock's daily chart is currently backed by a rebound off a February uptrend at 730p. As long as there is no end-of-day close back below this level, the implied upside is towards the one-month resistance level of around 800p.The stock was up 0.86% at 748.92p by 11:14 on Monday.BC