BUZZ-National Grid: yet to catch up to the gilt rally, EPS forecasts

** National Grid (LSE: NG.L - news) back at attractive levels relative to gilts after lagging broader equity market YTD

** Stock sold off with UK gilts in Feb and Mar but is yet to benefit from the move in 10-year yields from 1.9 pct back towards 1.5 pct. Chart: http://link.reuters.com/qyq44w

** Co has lagged the FTSE 100 by 14 pct since early Jan despite positive earnings momentum, Citi says "sizeable dislocation" now present

** Less exposed to political uncertainty than UK peers: 54 pct 2014 revenues from US, according to Thomson Reuters data

** Deutsche Bank (LSE: 0H7D.L - news) sees c. 22 pct downside to Centrica from a Labour victory, 14 pct for SSE (LSE: SSE.L - news) but just 4 pct for National Grid

** Could also benefit from profit-taking and reallocation into 'riskier' yield plays and YTD laggards: biggest constituent of Stoxx 600 Utilities index at c. 15 pct, the worst-performing sector in Europe YTD

** Fwd dividend yield of 5 pct attractive v 4 pct sector average (RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)