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Prysmian up after Jefferies upgrades on electric growth potential



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** Shares in Prysmian PRY.MI rise around 3%after Jefferies upgrades the world's largest cablemaker to "buy" from "hold" on growth potential of its power grid business and synergies following Encore Wire acquisition

** It expects the power grid unit's core profit to reach around 480 million euros ($519.65 million) in 2024, well above company's target of 410 million euros for 2024

** This is drivenby stronger growth as the company can add further capacity and achieve higher margin at 13.5% compared to previous expectation of 9%-10%, Jefferies says

** It adds that Prysmian will benefit from the Encore Wiredeal thanks to vertical integration into copper, aluminum and compounds, and commercial synergies

** The broker increases its estimatefor Prysmian's 2024 core profit by 12% to 1.92 billion euros

** It notes the company itself could upgrade its 2024 guidance when it releases Q2 results on Aug. 1

** The stock, which up to Monday's close was up 40%​ YTD, is among top performer of the pan-European STOXX 600 .STOXX index


($1 = 0.9237 euros)



Reporting by Alberto Chiumento

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