Jefferies upgraded Thales (THLLY) to Buy from Hold with a price target of EUR 310, up from EUR 250. 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. Solid defense momentum, and fast-improving order intake and sentiment on Space, should support a re-rating of Thales, the analyst tells investors.
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