The analyst believes that confidence is growing. It confirms its buy recommendation on the stock and raises its target price to 550 pence (from 400 pence), which represents a potential upside of 35%.

' We have growing confidence in Rolls Royce's turnaround, with prospects up on consensus estimates for 2024 and 2027' says UBS.

For 2024, the British engine maker is now targeting current operating income of between £1.7 and £2 billion, and FCF of between £1.7 and £1.9 billion.

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