Leonardo : Neutral vs Outperform - Taking a break
>Neutral vs Outperform but target price raised to € 17.5 - We prefer to take a break and lower our rating from Outperform to Neutral with a new target price of € 17.5, derived from an average between a DCF and SOTP for 2025. With an 85% rise in 2023, the stock posted the best performance in the defence sector in Europe, outperforming its peers by 54%, while the consensus lowered its estimates over the last 12 months. The re-rating is thus significant as the stock is n...Leonardo is the holding company for The Finmeccanica Group, and is responsible for guiding and controlling industrial and strategic operations, coordinates its subsidiaries. The Finmeccanica Group operates in the Aerospace and Defence sector, which includes the Helicopters, Defence and Security Electronics, Aeronautics, Space and Defence Systems segments; and in the Transportation sector, which also includes Fata S.p.a., in addition to the companies operating in the transportation sector.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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