Schneider Electric Shares Drop 2.2%, Falling Below MM20 and MM50
The electrical equipment specialist is among the biggest losers in the CAC 40 this Wednesday afternoon. The session extends a consolidation movement that began at the start of the month, as the stock falls below two of its short-term moving averages. The decline occurs despite a target price upgrade announced this week.
The stock drops 2.2% to €257.65, extending a weekly slide of 10.27%
The movement pushes the price below the MM20 at €270.26 (a gap of -4.67%) and below the MM50 at €265.46 (-2.94%), two technical benchmarks that the stock had regained at the end of May. The MM200, at €246.54, remains significantly below the current price (+4.51%), indicating a still bullish long-term trend over one year (+14.36%). The support at €255.40 is located about 1% below the current level and will be the next graphical benchmark in case the decline continues. The RSI at 46 remains neutral.
Recent bond refinancing and new target from BNP Paribas Wealth Management at €305
The pressure on the stock follows the launch on June 4 of a €800 million OCEANE bond maturing in 2034, coupled with the buyback of the 2030 convertible bond amounting to €650 million. The bond refinancing operation had already weighed on the session of June 5. In contrast, BNP Paribas Wealth Management upgraded its recommendation on the stock on June 8, moving from 'under review' to 'buy', with a target price set at €305. This level represents an upside potential of about 18% from the current price. The company will be present at the J.P. Morgan European Industrials conference on June 16 in Surrey.
