National Grid (NYSE:NGG) Barclays Top Pick of European Regulated Utilities for 2011

National Grid (NYSE:NGG) is among the fastest growing utilities, including the U.S. and Europe, and provides solid protection in a volatile macro-economic environment.

Barclays says, "National Grid is our top pick of the European Regulated Utilities for 2011 as it provides value, dividends, growth, and protection from macro variables. The company is set to grow at the highest pace of the European Utilities and is among the highest growers of US regulated utilities. The shares currently yield approximately 7%, a 220bp premium to the average US regulated utility yield of 4.8%. We are not overly concerned about regulatory changes in the UK as we believe future requirements for transmission infrastructure will justify a generous incentive system.

"Our earnings estimates move from $3.85/$4.06/$4.19E to $3.85/$3.92/$4.18E for FY March end '11/12/13 respectively."

Barclays reiterates an "Overweight" rating on National Grid (NGG), which closed Thursday at $43.56, up $0.54, or 1.26 percent. Barclays lowered their price target on National Grid from from $50 to $49.