EQUITA SIM Elevates Hera S.p.A. (HRASF) to Buy Status—Nearly 48% Upside Projected

In a significant move for the infrastructure utility sector, EQUITA SIM raised its investment stance on Hera S.p.A. on January 23, 2026, shifting from Hold to Buy. This upgraded assessment of Hera marks a pivotal moment for investors tracking the Italian utility company, with analyst forecasts now pointing to substantial upside potential for the symbol HRASF on over-the-counter markets.

Analyst Price Forecast: 48% Upside for Hera Stock

The analyst community has set an ambitious target for Hera S.p.A., with the average one-year price forecast sitting at $4.17 per share. This valuation range spans from a conservative $3.90 to an optimistic $4.44, painting a picture of broad confidence in the utility’s trajectory. Based on the latest closing price of $2.82, the consensus implies a 47.98% appreciation potential—a compelling signal for value-oriented investors considering HRASF for their portfolios.

The financial projections for Hera reflect a projected annual revenue of 10,655 million, though this represents a 23.39% decline from prior periods. Meanwhile, the non-GAAP earnings per share estimate stands at 0.24, providing a baseline for evaluating the company’s profitability outlook.

Institutional Sentiment Surrounding Hera: A Mixed Picture

Fund positioning reveals a nuanced outlook on Hera S.p.A. across the investment community. Currently, 128 funds and institutions maintain reported stakes in the company—a decrease of 15 positions, or 10.49%, compared to the previous quarter. Despite the reduction in the number of holders, the average portfolio allocation to HRASF across all participating funds registered an increase to 0.22%, up 1.79% from prior levels.

The broader institutional commitment to Hera shares declined modestly over the three-month period, with total institutional ownership slipping by 4.37% to 144,347 thousand shares. This contraction suggests a tactical rebalancing rather than fundamental loss of confidence in the utility’s prospects.

How Major Asset Managers Are Positioning in Hera

Several prominent global investment firms have adjusted their Hera holdings in recent quarters, reflecting evolving views on the symbol HRASF:

Lazard Global Listed Infrastructure Portfolio remains the largest institutional holder, maintaining 71,934 thousand shares representing a 4.90% ownership stake with no change from the prior quarter—a vote of confidence in the utility’s strategic positioning.

Vanguard Total International Stock Index Fund holds 11,380 thousand shares (0.78% of the company) but reported a 6.17% reduction in its position compared to the previous filing. The fund simultaneously decreased its overall portfolio allocation to HRASF by 20.86%, suggesting a reweighting rather than outright divestment.

Vanguard Developed Markets Index Fund similarly trimmed its Hera stake from 7,608 thousand shares to 7,089 thousand (0.48% ownership), representing a 7.33% reduction. This index fund reduced its portfolio weighting in HRASF by 8.26% over the quarter.

iShares Core MSCI EAFE ETF presents a contrarian picture, increasing its holding by 4.38% to 5,234 thousand shares (0.36% ownership), despite cutting its portfolio allocation by 10.67%—a technical adjustment reflecting broader fund composition changes rather than reduced conviction in Hera.

DFA Investment Trust Company’s Continental Small Company Series held steady at 4,284 thousand shares with no quarterly adjustments, maintaining its 0.29% stake in the Italian utility.

What This Means for Hera Investors

The combination of EQUITA SIM’s upgraded rating and the mixed institutional activity around Hera S.p.A. suggests a market in transition. While the near-50% upside projection offers compelling opportunity, the modest decline in institutional ownership concentration warrants close attention to quarterly developments. For traders and investors evaluating the symbol HRASF, the diverging actions of major asset managers—some trimming while others hold firm—underscore the importance of conducting independent due diligence on Hera’s operational and financial trajectory before committing capital.