UBS has reaffirmed its 'buy' recommendation on BAE Systems, with its target price raised from 1220 to 1450 pence, a new target that offers the British aerospace and defense group a 14% upside potential.

BAE Systems used to trade at a discount to its US counterparts, but is now trading more or less in line with them", notes the broker, who believes that a valuation premium "is justifiable".

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