Jefferies raised the firm’s price target on Safran (SAFRY) to EUR 280 from EUR 260 and keeps a Buy rating on the shares. The raised its price target driven by stronger margins in Propulsion, with the strong free cash flow performance so far and improved CFM56 spare parts outlook helpful versus the mid-term guide. All in all, Jefferies feels like FY24 results were solid, given headwinds from provisioning and a stronger original equipment growth in Propulsion.
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