(CercleFinance.com) – Nexans recorded one of the biggest drops in the SBF 120 index on Friday on the Paris Stock Exchange, penalized by a note from Barclays which initiated coverage of the stock with an ‘underweight’ advice.
Around 3:30 p.m., the stock lost 2.3%, compared to a gain of 0.8% for the SBF at the same time.
The British bank explains that the difficulty the cable manufacturer is experiencing in generating cash, the weakness of its order intake in high-voltage products, the burden of its oldest contracts and the uncertainties surrounding its restructuring and growth external forces push it, for the moment, to be cautious about the value.
Its price target stands at 94 euros.