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Thales: UBS moves to 'sell', target reduced

( - UBS announced on Monday that it had changed its recommendation on Thales shares to 'sell', from 'neutral', with a price target reduced from ?140 to ?115.

In a note published this morning, analysts believe that difficulties in the digital identity and security (DIS) and aerospace businesses were not well taken into account by the market.

The research firm points out that the identity and security division posted double-digit growth rates in 2022 and early 2023, but attributes this dynamism to semiconductor shortages and the resulting price hikes, both of which have since subsided.

As for the aerospace division, UBS points out that SpaceX has reduced the cost of launching satellites by 70% to 80%, which in its view points to 'structural' difficulties for Thales.

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