1154 GMT - Rheinmetall's Skynex air defense system remains an undervalue revenue stream, but that could change soon, Mwb research analyst Jens-Peter Rieck says. Earlier this week, Italy placed an order for one Skynex system, with an option to acquire up to four systems worth a total 280 million euros. Italy's order underscores growing demand for air defense in Europe, but barely covers the country's needs, Rieck says. Rheinmetall could provide more than 700 Skynex systems, priced at 73 million euros per unit, to the 15 member countries of the European Sky Shield Initiative if they were interested, Rieck notes. Mwb research raises Rheinmetall's share price target to 800 euros from 750 euros, and keeps its buy rating. Share price is up 0.7% at 690.8 euros. (cristina.gallardo@wsj.com)
(END) Dow Jones Newswires
January 17, 2025 06:54 ET (11:54 GMT)
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