RBC Kicks Off Thales Coverage at Outperform Amid 'Strong' Operational Track Record

07:43 AM EDT, 08/11/2026 (MT Newswires) -- RBC Capital Markets on Tuesday initiated its coverage of Thales (HO.PA) with an outperform rating and a price target of 330 euros as part of its wider European Defence Primes sector launch. "Thales' investment case combines defence market outgrowth (led by French exposure & an innovative portfolio) with margin expansion and upside optionality elsewhere in the group. We further note our 2030E EBITA is 20% higher than consensus (with a plausible further 15% upside), a strong operational track record and an undemanding valuation," according to the research firm. Analysts view the French aerospace and defense group's defense segment, accounting for 55% of its sales, as one of the best positioned among its peers to gain from the wider defense-spending trends in Europe. An organic compound annual growth rate of 15% annually is projected over the 2025 to 2030 period for the defense business, supported by the company's French-biased portfolio and product mix.