LONDON, March 18, 2026, 19:47 GMT
SSE shares dropped 2.11% to 2,685 pence on Wednesday, pulling back after hitting a 52-week high just the day before. Jefferies bumped its target price for the British utility up to 3,060 pence and stuck with a buy rating.
The timing was significant—it coincided with a sharp division among brokers covering UK utilities. During that same batch of London ratings, Jefferies downgraded National Grid to hold. Meanwhile, a wider market slide accelerated, spurred by rising oil prices and traders dialing down expectations for imminent interest-rate cuts.
Jefferies has lifted its price target to 3,060 pence, signaling about 14% upside from where shares finished on Wednesday. The broker’s previous target, 2,510 pence, actually trailed the market price. Price targets reflect where analysts think a stock could land in the next 12 months.
SSE shares, even with the recent pullback, have climbed roughly 81% over the last 12 months. Back in February, the company projected adjusted earnings per share for the year ending March 2026 between 144 and 152 pence. CFO Barry O’Regan said management remains intent on “accelerating investment” to drive “long-term earnings and value” for shareholders. Hargreaves Lansdown
Grid expansion remains at the center. Earlier this month, SSE confirmed its transmission division would go ahead with Ofgem’s RIIO-T3 final determination—the five-year regulatory package for UK power transmission. Not long after, the company disclosed it had provisionally locked in 3,581 megawatts of de-rated capacity in Britain’s latest capacity auction, with that figure reflecting government adjustments for reliability.
Jefferies has stuck with that view for some time. Back in November, SSE rolled out its five-year, 33 billion pound investment plan. CEO Martin Pibworth described it as a “once-in-a-generation opportunity,” and Ahmed Farman, an analyst at the firm, said the move “brings clarity” to both the balance sheet and growth prospects. Roughly 80% of the planned spend targets regulated electricity networks. Rivals like Orsted and National Grid, meanwhile, have also been raising fresh capital from shareholders. Reuters
Still, management can’t steer everything. Guidance for February landed weaker than last year, with unpredictable weather in the mix. Rising energy costs have also prompted investors to pull back on hopes for Bank of England rate cuts.
The next milestone isn’t far off. SSE’s closed period kicks in April 2, shutting directors out from trading shares before results drop. Preliminary results for the year through March 31 land May 28.
