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Leonardo shares fell nearly 3% after UBS downgraded its rating from "Buy" to "Neutral," while raising the target price from 31 to 50 euros. The downgrade reflects limited upside potential following a remarkable 90% increase in the stock over the past three months, and a staggering 587% rise since the onset of the Ukraine war.
Thales surged to the top of the CAC 40 after UBS upgraded its rating to "buy," highlighting the company's potential to benefit from rising European military budgets. Shares rose 3.4% to 248.2 euros, with UBS forecasting a 12.5% growth in defense sales by 2030, despite cautioning against overly optimistic sales growth expectations. Meanwhile, UBS downgraded Italian defense group Leonardo to "neutral," citing limited upside in its current valuation.
Thales surged to the top of the CAC 40 after UBS upgraded its rating to "buy," highlighting the company's potential to benefit from rising European military budgets. Shares rose 3.4% to 248.2 euros, with UBS forecasting a 12.5% growth in defense sales by 2030, despite cautioning against overly optimistic sales growth expectations. Meanwhile, UBS downgraded Italian defense group Leonardo to "neutral," citing limited room for further gains.
UBS has downgraded Italy's Leonardo to "neutral" from "buy," citing that the stock's recent performance has left little room for further gains. The company's management actions, including a 90% dividend increase, have enhanced returns for minority shareholders, but these improvements are now reflected in the share price. Since the onset of the Ukraine war, Leonardo's stock has surged 587.3%, with a 76.1% increase since the beginning of 2025. Out of 16 analysts covering the stock, 11 recommend "strong buy" or "buy," while four suggest "hold" and one advises "sell."
UBS has upgraded Thales shares from Neutral to Buy, increasing the target price from €160 to €330, citing strong positioning for the defense supercycle due to its focus on electronic systems and integrated communications. The broker raised its 2029 earnings-per-share estimates by 12% following a 25% increase in EBIT estimates for the defense sector. UBS also highlights cautious expectations for European defense spending, predicting a shift in market share from US firms to European players.
UBS has upgraded Thales shares from Neutral to Buy, increasing the target price from €160 to €330, citing strong positioning for the defense supercycle due to its focus on electronic systems and integrated communications. The broker raised its 2029 earnings-per-share estimates by 12% following a 25% increase in EBIT estimates for the defense sector. UBS also highlights cautious expectations for European defense spending, predicting a shift in market share from US primes to European players.
UBS has upgraded Thales shares from Neutral to Buy, increasing the target price from €160 to €330, citing the company's strong position in the defense supercycle due to its focus on electronic systems and integrated communications. The broker raised its 2029 earnings per share estimates by 12% following a 25% increase in EBIT estimates for the defense sector. UBS also highlights cautious expectations for European defense spending, projecting 2.5% of GDP by 2030, and has similarly upgraded Saab while downgrading Leonardo to Neutral.
UBS has upgraded Thales shares from Neutral to Buy, increasing the target price from €160 to €330, citing strong positioning for the defense supercycle due to its focus on electronic systems and integrated communications. The broker raised its 2029 earnings-per-share estimates by 12% following a 25% increase in EBIT estimates for the defense sector. UBS also highlights a trend of European defense players gaining market share from US primes, maintaining Buy ratings for several defense stocks while downgrading Leonardo to Neutral.
UBS has downgraded Leonardo shares from "Buy" to "Neutral" while raising the price target from 31 to 50 euros, following a strong performance. Analyst Ian Douglas-Pennant has increased his operating profit estimate for 2029, indicating that the investment story is now fully priced in.
Francesco Ceccato, CEO of Barclays Europe, highlights the potential economic impact of US tariffs on Europe, noting that a 25% tariff could push the eurozone into recession. Despite concerns, European equities have outperformed US stocks this year, with a significant shift in fund manager positions favoring Europe. Increased defense spending in Germany may provide a boost, while Ceccato emphasizes the need for deeper capital markets to enhance competitiveness in the EU.
Leonardo S.p.a.
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