Oddo BHF has upgraded its opinion on Nexans from 'neutral' to 'outperform', with a price target raised from 95 to 115 euros, highlighting enhanced visibility for the cable manufacturer, thanks to 'a quality backlog and accretive acquisitions'.

On the basis of its new estimates (EBITDA raised by 5.5% for 2024 and 9% for 2025), the research firm points to a valuation "in line with, or even lower than, historical benchmarks, while the Group benefits from enhanced visibility".

Among the new factors justifying its change of opinion, Oddo BHF mentions the recent announcement of an acquisition in Italy, which it believes will have an accretive impact, and 'a consensus that is still extremely conservative and should be revised upwards'.

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