Deutsche Bank upgrades Leonardo to 'buy' on planned update, defense demand outlook

Leonardo SpA

26/03/2026 08:31

** Deutsche Bank upgrades Italy's Leonardo LDOF.MI to "buy" from "hold"; raises PT by 23% to 70 euros ($80.86)

** Says co's planned update "credible"; adds current geopolitical tensions support order intake, sales

** Notes defence and aerospace group's CAGR targets of 9% in sales and 15.5% in EBITA over 2025-30 are "attainable"

** Adds as Mideast tensions not fully priced-in, increased regional defense spending could benefit co

** Says order intake of Leonardo DRS DRS.O, co's Nasdaq-listed unit, could also benefit from higher U.S. defense spending

** Notes co's decision regarding aerostructure business, expected by June, another potential catalyst for stock

** Stock rated "buy" on avg; median PT is 69 euros, per data compiled by LSEG

($1 = 0.8657 euros)

 (Reporting by Philippe Leroy Beaulieu in Gdansk)

 ((Philippe.leroybeaulieu@tr.com))