Deutsche Bank has downgraded Prysmian to hold from buy, citing fair valuation after the Italian cable maker's shares surged 19% year-to-date. Analyst Nabil Najeeb cut the price target to €100 from a previous range of €97-€100, suggesting investors take profits following the strong performance.

Prysmian now trades at approximately 16x EV/EBITDA for 2026, with the valuation gap to leading European electrical peers largely closed, according to Najeeb. While the company remains exposed to long-term electrification trends and data center buildouts, the current price limits near-term upside. The analyst noted that expectations for U.S. market share gains from copper and aluminum tariffs may materialize slower than anticipated as tariff implementation continues to face delays.

Despite expecting a solid fourth-quarter result, Deutsche Bank anticipates FY26 EBITDA guidance will be in line at best. The bank's downgrade reflects a shift from the earlier investment thesis that centered on Prysmian's previously undemanding valuation. While management maintains a strong execution record, the combination of elevated valuation multiples and tempered growth expectations has prompted the more cautious stance on the stock.