Prysmian Supplies the Power Cables for the Energy Transition. Here's why the Trend Continuation Starts now!
Prysmian is one of the leading manufacturers of cables for the energy and telecommunications industry. The cables are required for the modernization and expansion of the electricity grid and the connection of large wind farms. Germany alone is expected to invest €320 billion in the electricity grid by 2045. The expansion of the company's position on the US market, where it announced the purchase of Encore Wire for €3.9 billion at the beginning of the year, is exciting. Encore Wire offers a wide range of electrical wires and cables made of...
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The expansion of the company\'s position on the US market, where it announced the purchase of Encore Wire for €3.9 billion at the beginning of the year, is exciting. Encore Wire offers a wide range of electrical wires and cables made of copper and aluminum as well as solutions for power generation and distribution. It will also benefit more from the reindustrialization in the USA.
Jefferies upgraded from Hold to Buy on July 9. The target was raised from €58 to €73. Accordingly, the power grid segment is likely to generate earnings of €480 million in 2024, while Prysmian only expects €410 million. The forecast could also be raised with the figures on August 1.
The Prysmian stock has been consolidating since the end of May. This went sideways and had a bullish character. The stock should now switch to trend following and could break out.
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