LONDON, March 18, 2026, 19:47 GMT
SSE shares fell 2.11% to 2,685 pence on Wednesday, giving back ground a day after touching a 52-week high, even as Jefferies raised its target price on the British utility to 3,060 pence and kept a buy rating. 1
The move mattered because it landed alongside a clear split in broker views inside UK utilities. In the same London ratings round, Jefferies cut National Grid to hold, while a broader market selloff gathered pace as oil prices climbed and investors pared back hopes for quick interest-rate cuts. 2
A price target is a broker’s estimate of where a stock could trade over the next 12 months. At 3,060 pence, Jefferies’ new target implies roughly 14% upside from Wednesday’s close, versus the old 2,510-pence target, which sat below the market price. 3
Even after the drop, SSE shares are up about 81% over the past year. In its February trading statement, the company said adjusted earnings per share for the year ending March 2026 would be 144-152 pence, and CFO Barry O’Regan said management was focused on “accelerating investment” to build “long-term earnings and value” for investors. 4
The core of the story is still the grid build-out. Earlier this month SSE said its transmission arm had accepted Ofgem’s RIIO-T3 final determination — the five-year regulatory settlement for UK electricity transmission — and days later it said it had provisionally secured 3,581 megawatts of de-rated capacity, or capacity adjusted under government rules for expected reliability, in Britain’s latest power auction. 5
Jefferies has been constructive on that theme for a while. When SSE unveiled its 33 billion pound five-year investment plan in November, CEO Martin Pibworth called it a “once-in-a-generation opportunity” and analyst Ahmed Farman said it “brings clarity” to the balance sheet and growth outlook. About 80% of the spending was aimed at regulated electricity networks, while peers such as Orsted and National Grid were also tapping shareholders for fresh funds. 6
But the story is exposed to things outside management’s control. February guidance was below the prior year after mixed weather, and higher energy prices have already pushed investors to curb bets on Bank of England rate cuts. 7
The next test is close. SSE is due to enter a closed period on April 2, when directors are typically restricted from dealing in the shares ahead of results, and to report preliminary results for the year ended March 31 on May 28. 8
