Intermonte upgrades Avio to 'outperform' on capital raise, ESA funding hike

Avio SpA

04/12/2025 15:09

** Intermonte upgrades Italian aerospace firm Avio AVI.MI to "outperform" from "neutral"

** Shares up about 8.5%

** Cites co's 400 million euro ($466.68 million) capital raise and recently announced hike in funding for European Space Agency (ESA)

** Brokerage says ESA has received record overall funding of 22 bln euros for the next three years

** Italy's higher ESA contribution of 3.5 bln euros is positive news for Avio, with the firm expected to receive between 500 mln euros and 700 mln euros from the agency - brokerage

** Intermonte also bases upgrade on strong investor demand during recent capital raise, and "significant" price correction from October

** PT reduced to 34 euros from 43 euros, "to reflect the actual number of shares following the capital raise" - brokerage

** 3 out of 4 analysts rate stock "strong buy" or "buy",​ one "hold" - data compiled by LSEG

** Avio shares up more than 134% YTD as of last close

($1 = 0.8571 euros)

 (Reporting by Mirko  Miorelli)

 ((Mirko.Miorelli@thomsonreuters.com))