Indra Buy-rated with 34% upside to EUR 76; Spanish defense tech firm benefits from NATO rearmament and drone/C2 demand surge
Leonardo Buy-rated with 43% upside; record EUR 9bn Q1 order intake and growing Middle East demand underpin EUR 75 target
Kepler Cheuvreux rates Rheinmetall Buy with 93% upside to EUR 2264 as kamikaze drone demand enters hypergrowth
Safran is Kepler's highest-conviction A&D idea; defense propulsion delivery rates doubling by 2029 and EUR 385 target implies 19% upside