Oddo maintains its Outperform recommendation on Dassault Aviation shares and raises its price target from 175E to 205E.

"The company's comments on the Rafale campaigns suggest that newsflow could remain strong in the coming months", explains the analyst, who sees 2023 as "a year of transition", at least for exports.

For Oddo, despite recent performance, valuation 'remains attractive, with a stub that we estimate at 5 bn euros, which implies a value close to 0 again for Falcon if we value the defense business in line with European peers'.

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