Berenberg opts for selectivity on European cable makers, cuts Prysmian to 'hold'
17/02/2026 07:46
** Berenberg praises the "enviable" position of the European cable suppliers market, benefiting from broad demand both in data centres' build out and electrification, while also warning on the importance of selective investment ** It chooses Nexans NEXS.PA as its top pick, reiterating its "buy" rating, seeing it trading at an "increasingly unjustifiable discount to its peers" after December's sell-off, as the firm moves into 2026 with a new management, a leaner portfolio and the prospect of clarity on the Great Sea Interconnector project ** It downgrades Italy's Prysmian PRY.MI to "hold" from "buy" on limited potential upside after the recent outperformance, seeing competitors' expansion to narrow its market lead, and direct exposure to the U.S. and data centres to bring more volatility ** It maintains a "hold" rating on NKT NKT.CO, judging it appealing over the long term thanks to growing power‑grid investment, albeit its 2026 story is likely to be overshadowed by falling revenue and negative cash flow
| COMPANY | RATING | OLD RATING | PT | OLD PT |
| Nexans NEXS.PA | Buy | Buy | EUR 165 | EUR 160 |
| Prysmian PRY.MI | Hold | Buy | EUR 92 | EUR 75 |
| NKT NKT.CO | Hold | Hold | DKK 745 | DKK 720 |