Red Electrica Corporacion SA (OTCMKTS:RDEIY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $13.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 20.82% 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 El├ęctrica 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. “

Separately, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Red Electrica Corporacion SA in a research report on Tuesday, September 5th.

Shares of Red Electrica Corporacion SA (RDEIY) traded down 0.74% during midday trading on Thursday, reaching $10.76. 26,552 shares of the company’s stock traded hands. The stock has a market cap of $11.61 billion, a P/E ratio of 15.22 and a beta of 0.67. Red Electrica Corporacion SA has a 52-week low of $8.65 and a 52-week high of $11.57. The stock has a 50-day moving average price of $11.09 and a 200-day moving average price of $10.45.

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