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Citi resumes Prysmian with 'buy' on long-term electrification, grid investment outlook 

By Reuters News

** Citi resumes coverage of Prysmian PRY.MI with "buy" rating, seeing long-term support from electrification and grid investment despite sentiment around AI weighing on the Italian cablemaker's stock in the near term

** It sets its PT at €136 ($152.62)

** Broker says the stock is underperforming relative to EU electrical peers, with shares down 31% since June-end, reflecting "greater perception of 'peak earnings' risk post-2030"

** However, it says the €5.5 bln Molex deal should cushion any post-2030 downside, while demand for transmission and fibre in datacenters offer visibility for the latter part of the decade

** Citi raises its 2026-28 estimates due to the consolidation of US electrical product manufacturer Atkore, also expecting Prysmian to raise its 2026 adjusted EBITDA guidance

** Up to the previous session's close, Prysmian shares were up 14.7%​ YTD

($1 = 0.8911 euros)

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