Jefferies downgraded BAE Systems (BAESY) to Hold from Buy with a price target of 2,110 GBp, up from 2,060 GBp. 2026 started off with heightened geopolitical tensions, creating an unfavorable backdrop for civil and putting defense back in focus, notes the analyst, who adapts the firm’s pecking order and ratings to reflect this. BAE Systems now looks fairly valued, the analyst added.
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