Nexans shares are trading slightly lower (-0.17% at 118 euros) following a note from Jefferies in which analysts lowered their price target on the stock while maintaining a Hold rating.
The U.S. investment bank reiterated its Hold recommendation on the cable and connectivity solutions manufacturer but reduced its price target from 136 to 132 euros.
Nevertheless, the firm anticipates a solid start to the year for the company, specifically forecasting 5.5% organic growth in the Electrification segment, high utilization in Transmission, strong momentum in Power Distribution, and a nascent recovery in the Connect segment. However, group-level growth is being significantly diluted by the decline in the Metallurgy business following the imposition of tariffs.
Jefferies lowered its EBITDA forecasts, primarily due to weaker margins in the Connect business, which offset slight gains in Power Distribution and Transmission.
Nexans is a key driver for the world's transition to a more connected and sustainable energy future. For over 120 years, the Group has brought energy to life by providing customers with advanced cable technologies for power and data transmission. Today, Nexans goes beyond cables to offer customers a complete service that leverages digital technology to maximize the performance and efficiency of their critical assets. The Group designs solutions and services along the entire value chain in three main business areas: Building & Territories (including utilities and e-mobility), High Voltage & Projects (covering offshore wind farms, subsea interconnections, land high voltage), and Industry & Solutions (including renewables, transportation, oil and gas, automation, and others).
Nexans employs nearly 25,700 people with an industrial footprint in 41 countries and commercial activities worldwide. In 2025, the Group generated EUR 7.8 billion in net sales.
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