Berenberg analyst George McWhirter upgraded Babcock (BCKIF) to Buy from Hold with a price target of 885 GBp, up from 575 GBp. The firm says “we are at the dawn of a decade-long rearmament cycle,” which will drive medium-term earnings growth for the European defense sector at a level incomparable with the past 30 years. It believes consensus growth estimates for Babcock are too.
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