Spain's Iberdrola flags lower profit growth in 2017

* Sees (Shanghai: 600481.SS - news) "mid single digit" core profit growth in 2017

* Earlier target was EBITDA growth of at least 6 pct

* 2016 EBITDA up 5.5 pct, net profit up 11.7 pct

* Weak pound more than offset U.S. growth (Adds 2016-2020 targets)

By Julien Toyer and Jose Elías Rodríguez

MADRID, Feb 22 (Reuters) - Spanish utility Iberdrola (Amsterdam: ID6.AS - news) on Wednesday said core earnings this year may fall short of its annual growth target of at least 6 percent over the 2016-2020 period for the second year in a row.

Europe's second-biggest power company by market value affirmed this medium-term objective in a presentation to investors but it did not give a specific figure for 2017 and instead said core earnings and net profit would be in the mid-single digits.

Core profit, or earnings before interest, tax, depreciation and amortisation, were up 5.5 percent to 7.8 billion euros in 2016, short of the 6 percent target but in line with analysts' expectations.

This was mainly the result of a 12.7 percent fall in the value of the pound following Britain's vote to leave the European Union and the closure of the Longannet coal-fired power station operated by its subsidiary Scottish Power.

Net (LSE: 0LN0.L - news) profit grew 11.7 percent last year to 2.7 billion euros, helped by a solid performance in the United States after the acquisition of UIL Holding.

The Bilbao-based company, which is pressing ahead with its international expansion with investments in the United States, Britain, Brazil and Mexico, is targeting a net profit growth rate of 7.5 percent until 2020.

It also aims to boost its dividend by up to 29 percent to 0.37-0.40 euro per share from 0.31 euro per share in 2016.

Shares (Berlin: DI6.BE - news) in Iberdrola were little changed at 6.128 euros by 1035 GMT, against a slightly lower Spanish blue-chip index .

($1 = 0.9499 euros) (Editing by Louise Heavens)