BofA upgraded BAE Systems (BAESY) to Buy from Underperform with a price target of 2,280 GBp, up from 1,515 GBp. The firm adjusted ratings in European defense, saying we are entering a decade of hard power over soft power. Companies with high levels of intellectual property across missiles, air, and autonomy precision strike have longer-duration growth trajectories, well beyond a decade of growth, that can support premium valuations mid-term, the analyst tells investors in a research note.
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