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hold-Italy's Leonardo slips on lack of earnings guidance raise after Q3 beat

By Reuters News

** Shares in Italy's Leonardo LDOF.MI are down around 2%, after the defence group lifted its FY orders guidance for a second time this year, but otherwise confirmed its remaining 2026 targets

** Brokerage Jefferies deems the set of quarterly results as "strong" - beating estimates on orders, sales and EBITA - but notes the lack of earnings guidance upgrade

** It adds the confirmed guidance implies Q4 revenues and core profit up 11% and 13% year-on-year respectively, compared to 14% and 38% growth rates recorded over nine months

** JPMorgan rates the unchanged outlook "very conservative," and sees scope for a lifted consensus depending on commentary from the upcoming earnings call

** Europe's defence sector .SXPARO is also down around 0.5%, weighed by German peer Rheinmetall falling around 15% after the second guidance cut in three months

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