Thales: Oddo BHF maintains its price target

(CercleFinance.com) - Oddo BHF maintains its Outperform rating on the Thales share and retains its price target of 193E, praising a "solid third quarter and strong defense momentum" which give "credibility to the high end of forecasts".


For the broker, sales of 4,576 ME exceeded consensus expectations by 0.6%, with organic growth of 6.6%.

This performance is mainly due, explains the analyst, to a very solid 8.5% organic growth performance in Defense & Security to 2,302 ME.

Thales remains well positioned to take advantage of the acceleration in defense and a favorable capital allocation strategy that should materialize in early 2025", stresses Oddo BHF, for whom 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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