Nexans was the biggest riser in the SBF 120 index on Tuesday morning on the Paris Bourse, buoyed by a note from Berenberg in which the broker initiated a follow-up of the cable manufacturer with a buy recommendation.

At 10:00 a.m., the share gained 3.6%, while at the same time the SBF 120 index fell by 0.2%.

In its study, the German broker hails the progress made both in terms of profitability and cash flow by the new management team since it took office in 2018.

'Following the announcement of the possible cancellation of offshore wind projects in the USA, the share price fell by around 8% in 2023', recalls the professional.

We think this creates an interesting entry point for investors, given that we are optimistic about the company's long-term prospects", he adds.

Berenberg, which believes the group should benefit from the trend towards electrification in industry, is targeting a share price of 98 euros.

According to market sources, analysts at JPMorgan have raised their target from €87 to €89.

Nexans' market capitalization currently stands at over €3.4 billion.

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