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Leonardo: Upgraded 2030 Profitability Targets, Stronger FCF, and Higher Dividend Support Buy Rating

Leonardo: Upgraded 2030 Profitability Targets, Stronger FCF, and Higher Dividend Support Buy Rating

Chloe Lemarie, an analyst from Jefferies, maintained the Buy rating on Leonardo Spa. The associated price target remains the same with €68.00.

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Chloe Lemarie has given his Buy rating due to a combination of factors, primarily Leonardo’s newly announced 2030 objectives that point to meaningful profitability gains versus 2025. The company targets roughly a 300-basis-point uplift in margins, with EBITA projections coming in about 10% above current consensus, underscoring stronger-than-expected operating performance.

Additionally, the 2026 outlook broadly matches market expectations while showing free cash flow tracking slightly ahead, even before contributions from Iveco are considered. Management also proposed a €0.63 dividend, noticeably higher than the €0.55 anticipated by analysts, reinforcing confidence in cash generation and shareholder returns, and supporting the Buy stance.

In another report released on March 9, Barclays also upgraded the stock to a Buy with a €68.00 price target.

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