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Thales: stock up as broker says 'buy'

( - Going against the grain in Paris on Wednesday, the Thales share is up slightly in early trading on Wednesday, boosted by Berenberg's comments, which has initiated its coverage of the share of the French electronics group with a "buy" rating and a target price of 90 euros (38% upside potential).

"The shares have underperformed over the past two years but we believe the market's concerns are misplaced and the stock overlooked," the broker summarises.

Berenberg believes that the share is "significantly undervalued," and expects a "relatively swift recovery in Thales' financials to drive a structural rerating in the shares".

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