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Prysmian Shares Rise as Citi Reinstates 'Buy' Rating Ahead of Earnings
Shares in Prysmian (PRY) rose 1.6% in trading today after Citi reinstated its coverage on the Italian cable manufacturer with a "Buy" rating. The bank's positive reassessment comes just three days before the company is scheduled to release its third-quarter earnings on October 29.
Citi Cites Attractive Entry Point
Citi, which had previously suspended its rating on the stock, set a new price target of €136. The bank's analysts argued that a recent compression in Prysmian's valuation multiples offers an "attractive entry point" for investors.
The investment case is supported by a favorable medium-term outlook, underpinned by what Citi describes as structural mega-trends in electrification and power grid investment. The bank projects Prysmian's EBITDA will reach €5.2 billion by 2030, forecasting a 16% compound annual EBITDA growth rate for the 2026–2030 period.
Technicals and Market Context
The positive analyst note found fertile ground in a stock that had been under significant pressure. Prior to today's session, Prysmian shares were in a "deeply oversold" technical condition, trading well below their 200-day moving average and more than 36% off their multi-year high.
AdThe stock's position near the low end of its 52-week range of €79.5–€157.55 likely amplified the market's positive response, as investors reassessed the risk-reward profile. The broader market provided a neutral backdrop, with major indices trading flat to slightly positive.
Upcoming Earnings Catalyst
Investors are also looking ahead to the company's Q3 2026 earnings release. Analysts are forecasting revenue of approximately €5.9 billion for the quarter, which will provide the next major catalyst for the stock.
Citi's bullish stance aligns with a broader consensus among sell-side analysts. According to the source material, both BofA and Jefferies also maintain "Buy" ratings on Prysmian.
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