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Kepler ups Hensoldt to 'buy' on accelerating earnings, order momentum

By Reuters News08:04 (UTC), 2 October 2026 Updated

** Kepler Cheuvreux upgrades German aerospace defence company Hensoldt HAGG.DE to "buy" from "hold", citing accelerating earnings and order momentum

** The broker expects Q3 revenue growth to exceed the company's guidance, prompting an upgrade to its 2026 outlook

** It says order intake is set to accelerate in Q4 with a November capital markets day providing an additional catalyst

** Kepler Cheuvreux expects strong demand in air defence and defence electronics to support double-digit revenue growth through the end of the decade

** Improving free cash flow conversion and margin expansion should support earnings growth, Kepler adds

* The broker raises its recommendation despite saying the stock remains expensive relative to peers

** Hensoldt's shares are up 3.2%

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