Report published October 1, 2026

Goldman Sachs: Iberdrola: Double-Digit Growth Until 2031E: Upgrading to Buy / GS Renewables Barometer: New Pockets of Demand Starting

Goldman Sachs · October 1, 2026

Goldman Sachs upgrades Iberdrola to Buy from Neutral with a €25 price target, anticipating double-digit EPS growth through 2031E and €100 bn in capex. The GS Renewables Barometer highlights expanding power demand from datacenters and electrification, reinforcing Buy ratings on wind turbine OEMs.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Goldman Sachs upgrades Iberdrola to Buy from Neutral with a €25 price target, projecting double-digit EPS growth through 2031E backed by approximately €100 bn in capex across 2026-31E.
2.Strong power demand drivers—datacenter development, EV sales growth, and rising European power consumption (up 2%-3% yoy)—are accelerating renewable energy adoption due to competitive LCOE and speed to market.
3.Vestas and Nordex posted 2.8 GW and 1.5 GW of onshore wind orders respectively in 3Q2026; Nordex's rolling 12-month order intake is set to surpass 11 GW (+60% vs 3 years ago), with Buy ratings maintained on Vestas, Nordex, and Siemens Energy.

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Report data

Key figures extracted from this report

Metric	Estimate	Context
Iberdrola Price Target	25.0 EUR	Price target raised upon upgrading rating to Buy from Neutral.
Iberdrola Estimated Capex	100.0 EUR bn	Expected investment plan to be announced at April 2027 CMD.
Iberdrola 2031E Net Profit	11.0 EUR bn	Implied net profit corresponding to GSe €1.65 EPS and a 12.5x P/E.
Vestas 3Q2026 Onshore Wind Orders	2.8 GW	Announced onshore wind order intake.
Nordex 3Q2026 Onshore Wind Orders	1.5 GW	Announced onshore wind order intake.