Rolls-Royce shares (LON:RR) continued on an upward march, up 1.72% today, and hitting a new high at 929.40p on the day. This builds on a strong 57% gain YTD, and comes as analysts continue to support the move, with JPMorgan raising its price target from 900 GBp to 1,040 GBp, maintaining an “Overweight” rating.
The new target implies more than 10% upside from the current share price of 755.40 GBp as of April 25, 2025. This bullish move comes amid Rolls-Royce’s robust financial performance and ongoing transformation under CEO Tufan Erginbilgic.
The upgrade follows the company’s announcement of a £2.5 billion underlying operating profit for 2024, the reinstatement of dividends at 6p per share, and a £1 billion share buyback program. These milestones underscore Rolls-Royce’s successful turnaround and renewed appeal.
Markets have been rallying behind defence names in recent times, and Babcock's latest set of financials today, propelling their own shares by more than 13% has certainly not done any harm to Rolls Royce.
The NATO meeting, and comments from the chair suggesting that European nations are poised to agree to a 5% of GDP spend on defense has continued to support the bull case.
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