Less Ads, More Data, More Tools Register for FREE

Pin to quick picksULE.L Share News (ULE)

  • There is currently no data for ULE

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Ultra Electronics and QinetiQ rated 'neutral' by Citi

Thu, 15th Apr 2021 09:50

(Sharecast News) - Citi gave shares of Ultra Electronics and QinetiQ 'neutral' ratings as the bank started coverage of the defence engineers.
European defence shares are finally set for a step-up in growth based on the plans of the biggest spenders among nations, Citi said. The discount on European defence compared with US stocks will narrow as Eurpean countries increase budgets and improve readiness of equipment, the bank said.

Ultra is in a good position to benefit from expanding naval fleets and has sector-leading cash conversion, Citi said. But the valuation looks fair with uncertainty about US defence budgets and more competition in the US sonobuoy market. Citi analyst Pavan Daswani gave Ultra shares a £22 target price.

Daswani started coverage of QinetiQ with a 360p target price. Earlier concerns about margin pressures have broadly been resolved but the valuation looks fair with added uncertainty about mid-term organic growth, he said. These include increased digitalisation of military equipment and cuts to the defence estate in the UK.

Ultra shares fell 0.7% to £20.90 at 10:17 BST and QinetiQ shares dropped 2.8% to 339.80p.





More News
5 Jun 2020 09:25

UK BROKER RATINGS SUMMARY: MS Cuts Barclays, Lloyds, RBS Price Targets

UK BROKER RATINGS SUMMARY: MS Cuts Barclays, Lloyds, RBS Price Targets

Read more
26 May 2020 09:51

Ultra Electronics Awarded US Navy Contracts Worth USD205 Million

Ultra Electronics Awarded US Navy Contracts Worth USD205 Million

Read more
26 May 2020 08:04

Ultra Electronics JV wins $204.6m US Navy contract

(Sharecast News) - Ultra Electronics said on Tuesday that its ERAPSCO joint venture with Sparton DLS has won subcontracts valued at $204.6m from the US Navy for the manufacture of sonobuoys.

Read more
15 May 2020 09:49

UK BROKER RATINGS SUMMARY: Credit Suisse Keen On Lancashire, Beazley

UK BROKER RATINGS SUMMARY: Credit Suisse Keen On Lancashire, Beazley

Read more
13 May 2020 11:23

Ultra Electronics Reports "Good Progress" As Facilities Remain Open

Ultra Electronics Reports "Good Progress" As Facilities Remain Open

Read more
13 May 2020 08:10

Ultra Electronics says trading remains in line

(Sharecast News) - Ultra Electronics said on Wednesday trading remains broadly in line with expectations despite the challenging backdrop.

Read more
6 May 2020 16:09

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

Read more
22 Apr 2020 09:20

UK BROKER RATINGS SUMMARY: Goldman Sachs Downgrades Sage To Sell

UK BROKER RATINGS SUMMARY: Goldman Sachs Downgrades Sage To Sell

Read more
15 Apr 2020 13:36

Wednesday broker round-up

(Sharecast News) - Reckitt Benckiser Group: Credit Suisse upgrades to neutral with a target price of 5,900p.

Read more
14 Apr 2020 09:56

Ultra Electronics Withdraws Final Dividend Amid Covid-19 Uncertainty

Ultra Electronics Withdraws Final Dividend Amid Covid-19 Uncertainty

Read more
14 Apr 2020 07:49

LONDON MARKET PRE-OPEN: More Dividends Pulled Despite New Virus Hope

LONDON MARKET PRE-OPEN: More Dividends Pulled Despite New Virus Hope

Read more
14 Apr 2020 07:46

Ultra Electronics sees 'small' revenue impact from pandemic

(Sharecast News) - Ultra Electronics said on Tuesday that it will delay the payment of its final dividend due to the coronavirus outbreak, which it expects to have a "small" impact on revenue.

Read more
1 Apr 2020 15:38

FTSE 250 movers: Aston Martin rockets after listing shares, Plus 500 adds to gains

(Sharecast News) - Britain's second-tier index incurred hefty losses, retreating by 3.87% to 14,516.34.

Read more
1 Apr 2020 13:59

Wednesday broker round-up

(Sharecast News) - Intercontinental Hotels Group: RBC Capital Markets upgrades to outperform with a target price of 4,000p.

Read more
1 Apr 2020 09:33

UK BROKER RATINGS SUMMARY: HSBC Raises M&B, Marston's And Wetherspoon

UK BROKER RATINGS SUMMARY: HSBC Raises M&B, Marston's And Wetherspoon

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.