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Nexans: Credit Suisse downgrades stock

( - On Monday Credit Suisse downgraded its Nexans shares from "outperform" to "neutral", due to the stock's good performance relative to its peer Prysmian over the past 18 months.

In a report on the cable sector, the broker said that the high level of Ebitda per kilometre generated by the French group in high voltage infrastructure illustrates its ability to select and execute projects well. However, it also said that the performance posted in 2021 should represent a peak for the business concerned.

Meanwhile, Credit Suisse said that it has upgraded Prysmian shares to "Outperform" (from "Neutral"), making it the broker's preferred stock in a sector, which it expects to benefit from stronger-than-expected demand compared to available supply.

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