Nexans Shares Dip 2.5% Breaking Below the €140 Support Level
The French cable manufacturer continues its decline in mid-morning trading, in a Parisian market that is otherwise trending upwards. The stock is sinking to the bottom of the broader index, extending a correction phase that began in mid-June, just as analysts have revised their price targets.
The Stock Ranks Among the Largest Declines in the SBF 120
Nexans shares are down 2.07% at €137.30 in mid-morning trading, compared to a 0.65% rise in the SBF 120. The cable manufacturer is among the biggest losers in the broader index, while the Parisian market advances following lower-than-expected inflation in the Eurozone in June. Today's decline brings the weekly loss to nearly 8%, erasing some of the spring rally, with the monthly performance dropping to -12.4%. However, the stock is still up 27.6% year-over-year, with the medium-term momentum not being questioned.
The movement comes after a revision of analysts' opinions. JP Morgan has raised its price target from €140 to €160 while remaining Neutral, while Jefferies has lowered its target from €162 to €155, maintaining its Hold rating. The two new targets offer a potential upside of between 13% and 17% from the current price, without a strong buy conviction.
The Price Breaks Below the €140 Support and Falls Under its Short-Term Moving Averages
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The stock breaks its support level at €140.20, already tested at the end of June during the June 26 downturn. This break leaves it 8.2% below its MM20 (€149.55) and nearly 11% below its MM50 (€154.07), confirming the weakening of the short-term trend after the spring rally of more than 30%. The RSI at 38 indicates selling pressure from recent sessions without yet entering an oversold zone.
The MM200 at €132.77 remains 3.4% below the price, which preserves the underlying trajectory. The next technical marker is around this long-term average at €132.77, in case the movement continues. On the upside, reclaiming the €140 level and then the MM20 at €149.55 would be steps towards stabilization, with a resistance target at €162.60, now close to Jefferies' revised target.
Notre performance du premier semestre reflète la poursuite de l'exécution rigoureuse de notre stratégie dans un environnement où les tendances de fonds de l'Électrification demeurent plus fortes que jamais.
Croissance organique du Groupe de +1,5 % au premier semestre 2026 (+4,5 % pour les activités d'Électrification), portée par PWR-Connect (+7,3 % en organique) et PWR-Grid (+4,9 %), tandis que PWR-Transmission amorce sa normalisation (-0,1 % en organique, -6,2 % au deuxième trimestre). La marge d'EBITDA ajusté d'Électrification s'établit à 13,2 % du chiffre d'affaires standard, encore pénalisée par un effet de mix défavorable (pays nordiques contraints, marges de La Triveneta Cavi inférieures à la moyenne). Le résultat net recule à 105,9 millions d'euros en raison des activités abandonnées (IFRS 5). La dette nette atteint 1 038,2 millions d'euros après l'acquisition de Republic Wire, pour un levier de 1,4x. Le carnet de commandes ajusté de PWR-Transmission s'élève à 7,7 milliards d'euros.
Risks mentioned
Normalisation de PWR-Transmission : croissance organique de -6,2 % au deuxième trimestre 2026
Effet de mix défavorable dans PWR-Connect : marge en baisse à 11,8 % contre 13,6 %
Pays nordiques toujours contraints par les conditions de marché
Hausse de la dette nette à 1 038,2 M€ et levier porté à 1,4x après acquisition
Opportunities identified
Acquisition de Republic Wire : entrée sur le marché américain basse tension estimé à 12 Md€
Environ 23 M€ de synergies attendues en régime de croisière d'ici trois ans
Ligne MI de PWR-Transmission chargée jusqu'à mi-2028 et marge visée supérieure à 17 % en 2028
Croissance des data centers captée via l'élargissement du portefeuille
Accord-cadre de 600 M€ remporté auprès d'Enedis en février 2026
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
