** Naturgy NTGY.MC rises over 3% to its highest level in nearly four years as upgrades from Morgan Stanley and Exane BNP Paribas add to bullish momentum around the Spanish energy group following BlackRock's recent exit, removing an overhang

** The brokerages lift their ratings to "overweight" and "outperform", respectively, citing stronger earnings prospects, growth potential and undemanding valuation, just two weeks after BofA also turned bullish on the stock

** Following the change in its shareholder base, MS sees scope for Naturgy to "pivot towards growth" and possibly upgrade 2026 guidance in July, with funds from operations-to-debt sufficient to maintain its credit rating

** BNP says higher and more volatile gas prices support earnings, while concerns about potential share sales have eased after BlackRock, via Global Infrastructure Partners, exited

** MS and BNP's 2026 net income forecasts are 10% and 8% above company guidance, respectively

** Of 19 analysts covering Naturgy, seven rate it "strong buy" or "buy," nine "hold" and three "strong sell" or "sell" - LSEG data

** The stock is on track for its best day since February 2025, bringing YTD gains to over 11%