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UBS has upgraded its recommendation on Thales from 'neutral' to 'buy', significantly raising the price target from 160 to 330 euros. The firm sees substantial growth potential in the defense sector, projecting an average annual growth rate of 12.6% from 2023 to 2030, which it considers more optimistic than management's forecast of 6 to 7%.
Thales and Saab have been upgraded to "buy" by UBS, reflecting increased investor confidence in European defence stocks amid a "defence supercycle." European governments are expected to boost military spending significantly, with Thales projected to achieve a 12.6% annual sales growth and Saab anticipating a 25% earnings CAGR through 2030. The shift towards domestic production is expected to favor European firms over American competitors, as the urgency of security needs drives a reassessment of the sector.
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.
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.
UBS has raised its target price for Thales from €160 to €330. Thales, a leading European manufacturer in electronic systems for aerospace, defense, and security, generates 53.3% of its sales from defense and security systems, 26.6% from aerospace, and 19.6% from digital identification solutions. The company also holds a 35% stake in Naval Group and has a diverse geographical sales distribution, with significant markets in France, Europe, and North America.
Analysts have made several notable recommendations, including Kempen maintaining a Buy on Abivax but lowering the price target to USD 18. RBC Capital upgraded Anglo American to Sector Perform with a target of GBX 2310, while JP Morgan raised ArgenX's target to USD 805. Bernstein upgraded Veolia to Outperform with a target of EUR 38, and maintained Outperform for Dassault Aviation with a new target of EUR 305. Other adjustments include Eiffage's target raised to EUR 158.90 and UBS Group's target reduced to USD 35.
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UBS upgrades Thales to buy with significant price target increase
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ubs upgrades thales to buy amid defense sector growth prospects
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