Citi's Charles Armitage said that regardless of whether the Russian-Ukrainian conflict is likely to be resolved, Renk Group will continue to benefit from continued growth in European defense spending. He pointed out that Europe's increasing emphasis on land platforms will help Renk continue to grow rapidly, as the company's onshore business is far larger than its military shipbuilding business. Citi upgraded the German defense company's rating from neutral to a buy, citing the company's recent poor stock price performance and maintaining its target price of 65 euros. The stock closed at €51.71 on Friday.

Citi's Charles Armitage said that regardless of whether the Russian-Ukrainian conflict is likely to be resolved, Renk Group will continue to benefit from continued growth in European defense spending. He pointed out that Europe's increasing emphasis on land platforms will help Renk continue to grow rapidly, as the company's onshore business is far larger than its military shipbuilding business. Citi upgraded the German defense company's rating from neutral to a buy, citing the company's recent poor stock price performance and maintaining its target price of 65 euros. The stock closed at €51.71 on Friday.