Prysmian: Jefferies upgrades stock
(CercleFinance.com) - Jefferies upgrades its recommendation on Prysmian shares from 'hold' to 'buy', with a target price raised from E58 to E73, noting that it offers the second-highest EBITDA CAGR and remains attractively valued against its electrification peers.
We no longer see any risk to 2024 EBITDA from price normalization in electrification and de-stocking in telecoms, and are now focusing on the growth potential of power grids, the broker explains.
According to Jefferies, this could lead to an increase in the Italian cable manufacturer's guidance and upside potential for its medium-term targets. We see significant synergies with Encore, with vertical integration, it continues.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
We no longer see any risk to 2024 EBITDA from price normalization in electrification and de-stocking in telecoms, and are now focusing on the growth potential of power grids, the broker explains.
According to Jefferies, this could lead to an increase in the Italian cable manufacturer's guidance and upside potential for its medium-term targets. We see significant synergies with Encore, with vertical integration, it continues.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.