Citigroup Downgrades Prysmian (OTCMKTS:PRYMY) to Neutral

Prysmian (OTCMKTS:PRYMYGet Rating) was downgraded by equities researchers at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Monday, The Fly reports. They presently have a €35.50 ($36.60) price target on the stock.

Separately, JPMorgan Chase & Co. increased their price target on shares of Prysmian from €39.00 ($40.21) to €41.00 ($42.27) and gave the company an “overweight” rating in a research report on Tuesday, October 11th.

Prysmian Price Performance

Shares of OTCMKTS:PRYMY opened at $16.86 on Monday. Prysmian has a 12 month low of $12.54 and a 12 month high of $19.92. The company’s 50-day moving average price is $15.69 and its two-hundred day moving average price is $15.28.

Prysmian Company Profile

(Get Rating)

Prysmian S.p.A., together with its subsidiaries, produces, distributes, and sells cables and systems, and related accessories for the energy and telecommunications industries worldwide. The company operates through three segments: Projects, Energy, and Telecom. The Projects segment designs, produces, and installs high and extra high voltage cables for electricity transmission from power plants, and within transmission and primary distribution grids; high voltage cabling systems for terrestrial and submarine applications; submarine cable solutions for power transmission and distribution; data transmission cables; and umbilical cables, hoses, and electrical, optical, and signalling components for oil well management, as well as offers services for terrestrial and submarine interconnections between various countries and between offshore wind farms and the mainland, which is used for generation and distribution of electricity.

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