Barclays: Uniper's Upgraded FY26 Outlook Positive for European Utilities Sector; Underweight Retained

11:15 AM EDT, 08/12/2026 (MT Newswires) -- Barclays sees Uniper's (UN0.F) upgraded full-year 2026 guidance as positive for the wider European utilities sector, noting that the move comes despite a mixed operational backdrop and indicates that current-year earnings risk remains skewed to the upside. "The upgrade is important not just for Uniper, but for the read-across to European utilities more broadly. ... Alongside upgrades from names such as RWE, Engie and Veolia, this supports the view that positive tailwinds across the sector are translating into tangible earnings momentum rather than simply better sentiment," the research firm said Tuesday. Uniper now expects its 2026 adjusted EBITDA to come in between 1.1 billion euros and 1.3 billion euros, against the prior forecast of 1 billion euros to 1.3 billion euros. The adjusted net income projection was also revised to between 500 million euros and 600 million euros, from the previously guided range of 350 million euros to 600 million euros. Meanwhile, the underweight rating on the German energy company's stock was maintained, with a price target of 33 euros. "Our Underweight rating should be viewed in the context of Barclays' relative rating framework rather than as a negative view on the operational momentum. Uniper is benefiting from many of the same positive tailwinds as the wider European utilities sector, but in our view the shares already discount too much of that improvement," Barclays noted.