Leonardo DRS gains on $94 mln US Army contract

Leonardo DRS

09/06/2023 15:20

** Shares of defense firm Leonardo DRS  DRS.O  up 2.2% at
$17.04 in early trade 
    ** Stock hits highest since DRS completed its merger with
Israel's Rada Electronic Industries in November last year 
    ** U.S. Army awards $94 mln contract to produce its
next-generation infrared weapon sights for infantry snipers 
    ** Brokerage Truist Securities initiates coverage of DRS
with "buy" rating; sets PT of $19 implying an upside of 14% to
its last close
    ** Including session gains, stock up ~33% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))