UBS confirms its Neutral recommendation on Leonardo, but lowers its target price to E16.3 (from E10.55).

' We lower our target to E16.3 but reiterate our Neutral position as we believe that Leonardo's valuation, having risen from around 6.0x P/E 2024 to around 9.8x this year, now largely reflects the growth opportunities we see in Helicopters & MBDA in particular ' says UBS.

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