Nexans Shares Bounce 2% Following Strategic Acquisition in the US

Oddo BHF Raises Target to €190, Supporting the Stock's Rebound

Nexans shares are up 2.17% at €160.20 mid-session, while the SBF 120 index is up 0.56%. Oddo BHF has raised its price target from €170 to €190, maintaining its outperformance rating. At €160.20, the theoretical potential indicated by the new broker target is around 18.6%. This revision extends a series of favorable adjustments: in early May, BNP Paribas Exane targeted €185 and Jefferies had raised its target to €162. Today's movement also follows the completion of the acquisition of Republic Wire, a US manufacturer of low-voltage cables based in Cincinnati, which was finalized on June 1. The transaction, which received US antitrust approval in mid-May, provides the group with an expanded industrial platform in North America in a promising segment.

Stock Approaches its 20-Day Moving Average After Reaching a Historic High of €168.50

At €160.20, the price is slightly below the 20-day moving average (€161.51, a -0.81% difference), while remaining well above the 50-day (€142.31) and 200-day (€130.70) moving averages. The medium and long-term configuration remains bullish, with a 22.57% gap between the price and the 200-day moving average. The RSI at 53 indicates a balance between buyers and sellers, following a consolidation phase after the historic high reached on May 14 at €168.50. The technical resistance at €167.90 remains a visible threshold near the record, while support is at €134.90. Over three months, the stock is still up +30.99%, and nearly 58% over a year. The next step will be the stock's ability to move back above the 20-day moving average to reignite an upward momentum towards the high zone of April-May.