Rolls-Royce price target raised to 310 GBp from 210 GBp at Jefferies

Jefferies analyst Chloe Lemarie raised the firm’s price target on Rolls-Royce to 310 GBp from 210 GBp and keeps a Buy rating on the shares. First half results “proved our blue-sky scenario for Rolls-Royce to be too conservative,” says the analyst. The firm continues to see sustainable free cash flow at over GBP 2B and notes that the firm’s increased target “reflects our prior upside scenario turning into our base case,” adding that Rolls-Royce remains the analyst’s sector Top Pick.