Leonardo downgraded to Underperform from Outperform at Exane BNP Paribas

Exane BNP Paribas downgraded Leonardo to Underperform from Outperform with a EUR 16 price target. After 20% outperformance in 2023, aerospace and defense stocks look like a “more complex investment proposition” in 2024, the analyst tells investors in a research note. The firm likes names “with the best combination of value potential and momentum appeal.”