Bad day for Prysmian in Piazza Affari, where it lost almost 5% in mid-morning 16,21 euros, after the publication of the disappointing accounts yesterday and the downgrade suffered by JP Morgan and other subjects.
To weigh on the title, more than the quarterly accounts according to which i revenues were down 5,4% to 1,579 billion e adjusted profit drops 69% to $12 million, are the forecasts on adjusted EBITDA for 2014, which management estimates at between 530 and 580 million, against a market consensus of 630 million.
Furthermore, the American bank Jp Morgan cut its target price from 20,5 euros to 18 euros and went from overweight to neutral, while Mediobanca reduced it from outperform to neutral. Intermonte also confirms a "cautious" view on the stock but limits the target price to 17 euros while Equita cuts the recommendation to hold.
