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Nexans: target price down for Oddo

(CercleFinance.com) - This Monday, Oddo announces the lowering of its target price to 40 euros, compared to the previous 48 euros.
It maintains its 'Neutral' opinion.

Last week, Nexans published quarterly accounts showing an organic decline (-4.6%) in turnover for the first three months of the year, at constant metal prices.

“Based on minimal organic growth (vs +3%) and an unfavourable currency impact of around 3%, our turnover estimate [for the current financial year] comes to 4.4 billion euros, down 6.5%. Our ROC estimate therefore comes to 243 million, down 16% (vs 290 million previously), translating to a YoY fall of 11% to return to 2016 levels”, analyses the broker.

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