BUZZ-Jefferies names Iberdrola, SSE and Enel 2025 top picks for European utilities

** Jefferies says European integrated utilities with high exposure to grids offer value as a relatively defensive play in a volatile macro and commodity environment

** The broker names Iberdrola IBE.MC, SSE SEE.L and Enel ENEI.MI as its top picks for 2025

** It upgrades Iberdrola to "buy" from "hold", citing good visibility on underlying growth drivers in a company with grid-focused capital allocation and credible optionality as a play on data centres in Europe

** It raises SSE to "buy" from "hold" and says the company offers compelling growth in UK grids and de-risked renewables exposure with no exposure to the sector in the U.S.

** It reiterates Enel at "buy" based on attractive risk/reward and high earnings visibility

** Jefferies cuts Engie ENGIE.PA to "hold" from "buy" on lack of convincing catalysts that would help offset the overhang of French politics and weakness in Engie Brasil

(Reporting by Tiago Brandao)

((Tiago.Brandao@thomsonreuters.com;))