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Nexans: Société Générale still a buyer

(CercleFinance.com) - Société Générale (SG) has a positive opinion on the 2022 ambitions announced by Nexans this week.

This announcement resulted in the share falling by about 10%. With a buy rating on the stock of the French cable manufacturer, analysts have however trimmed their 12-month target price from 65 euros to 61 euros.

"We consider Nexans to be at a 'turning point'. The company's announcements Wednesday were reassuring, in our view, albeit perhaps a bit cautious.” SG says in its report on the stock.

Admittedly, management has announced headwinds in the 3rd quarter in terms of FX and the price of Ethernet cables, although this does not call into question the group's forecasts. According to SG, Arnaud Poupart-Lafarge, who has been in charge of the group since 2014, is on track to reach his target of doubling the operating margin between his appointment and 2017.

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