Fincantieri: Entering a New Growth Phase with Record Backlog, Improving Cash Generation, and Deleveraging Upside

Jefferies analyst Tommaso Castello upgraded the rating on Fincantieri S.p.A. to a Buy today, setting a price target of €19.00.

Tommaso Castello has given his Buy rating due to a combination of factors, notably Fincantieri’s transition into a new growth phase supported by an unprecedented order backlog and improving cash generation. He highlights that the existing pipeline provides strong multi‑year visibility, which in turn underpins confidence in structurally higher profitability and a credible plan to reduce leverage over time.

In his view, the progressive execution of the backlog should enhance margins in the Defence and Underwater businesses while also lifting capacity utilization in the Cruise segment. He also points to near‑term share price catalysts, such as the company’s ability to meet its 2026 targets and to reinforce its balance sheet after the full‑year results, which together support a more constructive risk‑reward profile for the stock.

In another report released on April 1, Kepler Capital also maintained a Buy rating on the stock with a €16.50 price target.