Nexans: Barclays lowers target price

(CercleFinance.com) - On Friday, Barclays lowered its target price for Nexans shares from E113 to E92, while reiterating its 'underweight' recommendation on the stock.


In a study devoted to European cable manufacturers, the broker believes that the French group could suffer from Donald Trump's stated desire to curb the development of wind power in the US.

We consider its exposure to the US offshore wind energy market to be unfavourable, given its order book in high-voltage cables and its Charleston production site, the analyst says.

In his view, the delay in the Great Sea interconnector project, which is to link Cyprus and Greece, adds a further level of risk to the case.

Barclays also points to fierce competition in the medium-voltage equipment market in Europe, as well as the weakness of the residential construction sector on the Old Continent, which is penalizing manufacturers of low-voltage equipment.

Finally, the analyst considers that the sale of shares by several major shareholders following the investor day is a worrying signal.


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