Citigroup upgraded Rheinmetall to "buy" with a target price of €1,408 and raised Saab to "neutral" with a target price of SEK527 on Monday, following a broad pullback across European defense stocks, according to a Citi Research note.
Bond.az reports that Citi attributed the declines mainly to concerns over a potential peace deal in Ukraine and uncertainty over funding European defense spending to 3.5% of GDP. "We believe they are overdone as we believe Russia will likely continue to be a threat to Europe," the note said.
