Growth ExpectationsGrowth expectations for Electrification are lowered due to persistent auto end markets and seasonality effects, expecting a decline of 1%.
Investment UncertaintyIn High Voltage, uncertainty in the US may result in Prysmian pushing out its capacity investments, which may limit the scope for positive revenue surprise.
Target Price AdjustmentThe target price is lowered to €66 from €70, driven by a lower assumption for Power Grids.