Thales: Oddo BHF maintains target price

(CercleFinance.com) - Oddo BHF maintains its Outperform rating on the Thales share and retains its price target of E193, praising a solid third quarter and strong defense momentum, which give credibility to the high end of forecasts.


The broker says that sales of E4,576m exceeded consensus expectations by 0.6%, with organic growth of 6.6%.

The analyst says that this performance is mainly due to a very solid 8.5% organic growth performance in Defense & Security to E2,302m.

Thales remains well positioned to take advantage of the acceleration in defense and a favourable capital allocation strategy that should materialize in early 2025, Oddo BHF says, for which November's momentum should highlight the undervaluation of the cybersecurity segment.

The absence of spending cuts announced by the French defense programming law is a plus for the company, the analyst adds.


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