Berenberg downgraded BAE Systems (BAESY) to Hold from Buy with a price target of 1,700 GBp, up from 1,440 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 cites U.S. defense budget uncertainty and limited near-term upside for the downgrade of BAE.
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