Prysmian wins Elmed deal, Goldman Sachs reaffirms Buy - Sep 26, 2025

As of September 26, today's news is dominated by Prysmian’s significant contract win and Goldman Sachs reaffirming its “buy” rating on the company. Prysmian has been awarded the tender launched by Terna and STEG, the Tunisian electricity grid operator, for the construction of the submarine power interconnection between Italy and Tunisia under the Elmed Project. The contract, which initially provides for a preliminary activation phase, is subject to certain conditions. Once these are met, the contract could reach a value of around 460 million euros. The power line will run between the Partanna electrical substation in Sicily and the Mlaabi substation on the Tunisian Cap Bon peninsula, reaching a maximum water depth of around 800 meters along the Strait of Sicily. Installation operation will be carried by the Prysmian Monna Lisa vessel. Meanwhile, Goldman Sachs has reaffirmed its “buy” rating on Prysmian, setting a price target of 90 euros. Analysts highlighted that the company’s U.S. data center business has doubled in 2025 compared with 2024, when the group generated around 1 billion euros in the segment. In market developments, copper prices experienced a decline as concerns over demand followed a recent supply rally prompted by an incident at the Grasberg mine in Indonesia, one of the world’s largest copper producers. The benchmark copper price fell by 0.6% to 10,202.50 dollars per metric ton. This price movement reflects adjustments to global supply forecasts for the coming years. From the international front, the Italian antitrust authority imposed significant fines amounting to over 936 million euros on Eni and five other oil companies for anti-competitive behavior in motor fuel sales. Further afield, the Trump administration's rapid retreat from renewable energy has kicked off consolidation and asset sales among smaller U.S. solar and wind power companies as they scramble to stay afloat, industry insiders and analysts said. Meanwhile, the U.S. is preparing to implement a 1:1 domestic semiconductor production rule to reduce reliance on overseas imports, signaling a shift towards bolstering national manufacturing in this critical sector, the Wall Street Journal reported today. Concurrently, discussions regarding Iran's nuclear agreement indicate that Tehran's cooperation with the International Atomic Energy Agency could falter if Western nations reinstate previous sanctions, which could complicate international diplomatic efforts.