Leonardo leads recovery in EU defence stocks, Jp Morgan raises target price
Analysts raise the price target to EUR 55.5 per share from the previous EUR 47.5. The whole segment was solid, with Rheinmetall in Frankfurt and Thales in Paris after uncertainties due to the possible de-escalation in Ukraine.
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(Il Sole 24 Ore Radiocor) - Geopolitical tensions are supporting defence stocks in Europe, with Leonardo - Finmeccanica in the lead role at Piazza Affari. Investors in this early part of the session are rewarding all stocks in the sector, from the German Rheinmetall, the best performer on the Dax index, via France's Thales and our Fincantieri .
Lending a hand to the shares of Leonardo, a group led by Roberto Cingolani, is also the decision of Jp Morgan analysts who raised the target price of the stock to 55.5 euro (from the previous 47.5 euro). For Leonardo, this is in fact the second session of recovery after the slide on 19 August (-10%) triggered by the possible de-escalation of the war in Ukraine, which had triggered the sell-off after the sector's stock had rallied in recent months. Now comes the turnaround, also on the markets, in the light of the words of the Russian Foreign Minister, Sergej Lavrov, who suddenly cooled hopes of a quick agreement, claiming that Moscow cannot accept a situation in which the collective security guarantees for Ukraine are resolved without, precisely, Russia. These distant positions helped to bring the focus back to the stocks in the segment.
