Berenberg initiated its monitoring of Nexans shares on Tuesday with a buy recommendation and a price target of 98 euros.

In its study, the German broker hails the progress made both in terms of profitability and cash flow by the new management team since it took office in 2018.

'Following the announcement of the possible cancellation of offshore wind projects in the US, the share price fell by around 8% in 2023', the broker recalls.

We think this creates an interesting entry point for investors, given that we are optimistic about the company's long-term prospects", adds Berenberg, who believes that the group should benefit in particular from the trend towards electrification of the industry.

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