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

Zacks Investment Research upgraded shares of Red Electrica Corporacion SA (OTCMKTS:RDEIY) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $12.00 target price on the utilities provider’s stock.

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. “

A number of other analysts have also weighed in on the company. Royal Bank Of Canada reissued a sector perform rating on shares of Red Electrica Corporacion SA in a research note on Tuesday, September 5th. Societe Generale reissued a sell rating on shares of Red Electrica Corporacion SA in a research note on Thursday, September 14th.

Red Electrica Corporacion SA (OTCMKTS RDEIY) opened at 10.70 on Wednesday. Red Electrica Corporacion SA has a 12-month low of $8.65 and a 12-month high of $11.57. The firm’s 50-day moving average is $11.10 and its 200 day moving average is $10.50. The company has a market cap of $11.54 billion, a price-to-earnings ratio of 14.82 and a beta of 0.67.

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