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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