Berenberg ups Prysmian to 'buy', sees shares undervalued after Q2 beat, acquisition
BUZZ-Berenberg ups Prysmian to 'buy', sees shares undervalued after Q2 beat, acquisition August 7 (Reuters) - ** Berenberg ups its rating for Italy's Prysmian PRY.MI to "buy" from "hold", believing its enhanced financial performance and competitive positioning are not fully reflected in the current share price
** It thus raises its PT by more than 15% to €150 ($172.80), while the stock is currently trading up 0.7% at around €125
** The world's largest cable-maker's share price dropped around 20% from its peak in early May due to waning enthusiasm for AI infrastructure, the brokerage notes
** Berenberg says Prysmian's Q2 results, published in July, "ticked several important boxes", followed by the acquisition of Aktore this week, with the broker viewing it as "another strategic, well-timed acquisition" in contrast with a lukewarm market reaction
** In July, Kepler Chevreux also upgraded its rating to "buy" from "hold" citing its Q2 results and guidance lift
** Out of 18 analysts that cover Prysmian, 12 rate the stock "buy", five rate it "hold", and one rates the stock "sell" - LSEG data
($1 = 0.8681 euros)
(Reporting by Anna Uras)