Thales, a leading European manufacturer of electronic systems for aerospace, defense, and security, has been upgraded from "neutral" to "buy" by UBS. The company's sales are primarily derived from defense and security systems (53.3%), aerospace systems (26.6%), and digital identification solutions (19.6%). Geographically, sales are concentrated in France (28.8%), Europe (25.1%), and North America (14.2%), among others.