JPMorgan downgraded Thales (THLLY) to Neutral from Overweight with a EUR 275 price target Thales has one of the best Defence businesses in Europe, but group EBITA over the past year has not beaten consensus at all, due to significant downgrades in the Cyber & Digital division which has been built largely by acquisitions since 2019, the analyst tells investors in a research note. The firm added that it lowered its EPS estimates for 2026-2030 due to higher than expected interest charges and the repeat of the French tax surcharge.
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