Thales: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Thales shares, while raising its target price for them from E137 to E146, after completing the acquisition of Imperva, which it believes offers critical mass in cyber for the high-tech group.


The analyst says that this first sizeable acquisition will help to shape a new Thales with a more attractive growth and cash generation profile. He has however slightly reduced his EPS estimates for 2023-24, although has raised them a tad for 2025-26.

Based on its target price, the stock would trade on a sliding 12-month P/E of 17x, i.e. a small premium to its 10-year average and a premium of around 25% to European defense peers, the broker also notes.


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