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Leonardo: Oddo BHF still a buyer

(CercleFinance.com) - Broker Oddo BHF has confirmed its buy rating on the Italian aerospace and defense electronics group Leonardo, along with its target of 12.
5 euros.

Admittedly, the broker states that central costs are soaring, under the effect of increased growth investments that are particularly targeting international markets and "digitisation".

However, according to Oddo BHF, improvements in profitability of its Defense Electronics and Aeronautics divisions are partially offsetting this. Likewise, joint ventures (ATR and satellites), which have been pretty downbeat, are expected to recover. In short, Leonardo's core business is resisting, and the rise in central costs, which has been described as a simple hitch in financial communication, is not calling into question improvements in profitability or the generation of cash, Oddio BHF says.

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