Oddo BHF maintains its 'neutral' rating on Nexans shares, with its target price raised from 88 to 95 euros.

While annual guidance remains unchanged, with EBITDA expected to be between €610 and €650 million, Oddo BHF believes that this should be "at the upper end" of the range.

Overall, the sales target of €6/7 bn in 2024 should be achieved, even if the M&A program is not fully implemented," stresses the research firm.

Against this backdrop, Oddo BHF has revised upwards its 2023 EBITDA estimate by 1.5% to €640m, and its 2024 EBITDA estimate by 2% to €665m, i.e. a margin of 10%.
The only downside highlighted by the analyst is the withdrawal of Invexans (9.6%) and the uncertainties surrounding the balance of its 19% stake.

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