Market UncertaintyIn High Voltage, uncertainty in the US may result in Prysmian pushing out its capacity investments there, which may limit the scope for positive revenue surprise.
Revenue Growth ChallengesGrowth expectations for Electrification are lowered due to persistent auto end markets and seasonality effects, expecting a decline of 1% for FY24.
Target Price AdjustmentThe target price is lowered to €66 from €70, based on a slightly lowered target multiple of 10.0x EV/EBITDA, driven by a lower assumption for Power Grids.