Stifel sees Prysmian, Nexans as 'clear beneficiaries' of higher electrical cable demand

Nexans SA

20/11/2024 10:06

** Stifel sees cable makers Prysmian  PRY.MI  and Nexans
 NEXS.PA  as "clear beneficiaries" of higher electrical cable
demand corresponding to global electrification trend
    ** It resumes coverage of Italy's Prysmian at "buy", citing
clear visibility and diversification in its backlog; says its
investments in recent years in the high-voltage segment have
doubled its manufacturing and installation capacity 
    ** The brokerage initiates France's Nexans at "hold", saying
its backlog is less diversified and has less forward-looking
visibility
    ** Nexans' intention to sell its industry and solutions
segment is a risk that has the potential to slow down its
earnings momentum, Stifel adds
    ** Shares in Prysmian rise 2.17%; including Wednesday's move
they have gained 48.7% year-to-date
    ** Nexans edges up 0.8%


($1 = 0.9465 euros)

 (Reporting by Philippe H. M. Leroy Beaulieu)
 ((philippe.leroybeaulieu@thomsonreuters.com))