Thales: highest flier in CAC on analyst comments
(CercleFinance.com) - Thales is the biggest riser in the CAC 40 index on the Paris stock exchange on Monday, thanks to a rating upgrade on the stock.
The company's shares were up over 3% at around 2:30 p.m. approaching their all-time high of E135.5.
In a note on the European defence sector, JPMorgan said it had upgraded the stock from "neutral" to "overweight", maintaining its target price at E160.
The broker - which downgraded the stock last November - believes that after underperforming the rest of the sector by around 10% YTD, the stock has become "more attractive".
It also points out that the plan to increase the budget of the French Army announced last January by President Macron (+7% p.a. on average over 2024-2030) gives Thales "unprecedented" visibility on its long-term growth.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The company's shares were up over 3% at around 2:30 p.m. approaching their all-time high of E135.5.
In a note on the European defence sector, JPMorgan said it had upgraded the stock from "neutral" to "overweight", maintaining its target price at E160.
The broker - which downgraded the stock last November - believes that after underperforming the rest of the sector by around 10% YTD, the stock has become "more attractive".
It also points out that the plan to increase the budget of the French Army announced last January by President Macron (+7% p.a. on average over 2024-2030) gives Thales "unprecedented" visibility on its long-term growth.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.