Zacks Investment Research upgraded shares of Red Electrica Corporacion SA (OTCMKTS:RDEIY) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. They currently have $13.00 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 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. “

Shares of Red Electrica Corporacion SA (OTCMKTS:RDEIY) opened at 11.35 on Tuesday. The company has a market capitalization of $12.25 billion, a price-to-earnings ratio of 16.05 and a beta of 0.67. 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 $11.02 and its 200-day moving average is $10.37.

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