Nexans Shares Drop 3% to €161.80: Jefferies Raises Target to €162
The French cable manufacturer experiences a halt after a series of record highs. The stock declines in a Parisian market heavily oriented downwards, as Jefferies has just raised its price target to €162. This session contrasts with the dynamics of April and early May, which had driven the value to a historical peak of €167.60 on May 7.
A Sharp Decline Following a Series of Record Highs
Nexans shares lose 3% to €161.80 as the close approaches, down from €166.80 the previous day. However, the stock still holds a gain of 64.6% over the year. This movement occurs in a CAC 40 down by 1.05% and an SBF 120 which loses 1.09%. Jefferies raised its price target today from €132 to €162, maintaining a 'hold' rating. The new target price now matches the current level, after a rally that saw the stock set several records since the quarterly publication on April 29 (organic growth of 4.9% in electrification, details here). The cable manufacturer also marked a high at €167.60 on May 7, following the target increase by BNP Paribas Exane to €185.
Technical Overheating and Busy May Schedule
The consolidation follows a marked extension phase. An RSI at 78 indicates an overbought setup, with the price moving at the upper end of the Bollinger Bands (80% of the band, upper limit at €171.93). The stock remains 10.7% above its 20-day moving average (€146.16) and 24.4% above the MM50 (€130.11), reflecting the magnitude of the rally in recent weeks. The resistance of €166.80, which precisely matches the previous day's closing price and recent peak, now serves as a short-term reference. Regarding the schedule, the general meeting is set for May 21, followed by the dividend detachment on May 25 and its payment on May 27. Market recommendations remain mixed on the residual potential after the performance achieved. Next operational appointment: the publication of the first half 2026 results, scheduled for July 29.
