Nexans Shares Hit New Record at €163 Following Nykredit Upgrade
The French cable manufacturer starts the trading session on Wednesday, May 6, on a high note. The stock reached €163.00 early in the morning, setting a new all-time high, surpassing the previous day's peak of €162.50. This achievement comes after Nykredit Bank raised its price target.
Nykredit Bank Raises Target to €170
On Monday, Nykredit Bank increased its price target on Nexans from €150 to €170, while maintaining a 'buy' recommendation. The new target suggests a potential of about 4.5% from the current price of €162.60. This revision follows a favorable period for the cable manufacturer. On April 29, the company reported a 4.9% organic growth in electrification for Q1 2026, and confirmed the acquisition of Republic Wire in the United States for approximately €680 million. The next important dates are the general assembly on May 21, followed by the dividend detachment on May 25.
Stock Crosses Upper Bollinger Band
At €162.60, the stock price is above the upper Bollinger Band, set at €160.80. This configuration indicates an overbought condition, confirmed by an RSI of 81. The stock has gained 9.87% over seven days and 19.56% over three months, continuing the momentum initiated after the quarterly publication. The gap with the moving averages has widened. The MM50 is at €126.80, more than 20% below today's price. The MM200 is at €127.35. The previous resistance at €158.80 was surpassed yesterday and now serves as the first support in case of a pullback. The next significant event for shareholders is the general assembly on May 21, 2026.
