Leonardo stock gains analyst support after guidance upgrade

Published on 09/14/2026 at 19:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Leonardo stock is backed by a new Outperform rating from Exane BNP on September 10, 2026, with a raised price target of EUR 67. The shares trade around EUR 49 on Borsa Italiana as the group lifts its 2026 guidance after strong first-half results.

Leonardo, IT0003856405, Illustration mit AI erstellt.

Leonardo S.p.A. stock (ISIN IT0003856405) is trading around EUR 49 on Borsa Italiana as of September 14, 2026, after the aerospace and defense group lifted its 2026 guidance on the back of a double-digit rise in first-half orders and revenue.

Analyst upgrade lifts Leonardo stock sentiment

According to Goldesel on September 14, 2026, Exane BNP upgraded Leonardo S.p.A. to Outperform on September 10, 2026 and set a price target of EUR 67 per share. At a quoted level of EUR 49.51 on September 14, 2026, this implies an upside potential of about EUR 17.49 or roughly 35.3 percent against the Lang & Schwarz Exchange reference cited in the report.

The same overview notes that Leonardo stock was down 0.98 percent on September 14, 2026, while showing a year-to-date gain of 1.43 percent, underscoring that the market has not yet fully priced in the analyst’s more optimistic stance according to Goldesel.

Strong H1 2026 figures and raised guidance

Leonardo’s most recent financial figures come from its first-half 2026 results, which were approved by the board and highlighted on the company’s site. According to Leonardo, orders in the first half of 2026 reached EUR 16 billion, representing an increase of 45 percent compared with the first half of 2025. Over the same period, revenue rose to EUR 10 billion, up 12 percent year on year in 1H 2026.

Operational profitability improved markedly as well. Leonardo reports EBITA of EUR 780 million in the first half of 2026, which is 34 percent higher than in the first half of 2025, while free operating cash flow (FOCF) stood at negative EUR 249 million but still improved by 39 percent versus 1H 2025, according to Leonardo.

The group coupled the strong half-year numbers with a guidance revision. As summarized by Leonardo, full-year 2026 revenue guidance is set at EUR 22.1 billion, while guidance for EBITA and FOCF has been raised compared with previous indications and net debt guidance reduced from EUR 2.3 billion to EUR 2.2 billion. The combination of order growth from EUR 26.2 billion to EUR 28.2 billion and higher EBITA expectations suggests that margins and cash generation are central to the investment case.

As MarketBeat reported on September 14, 2026, Leonardo reaffirmed its full-year 2026 revenue guidance at EUR 22.1 billion in its H1 2026 report while raising EBITA and free operating cash flow targets and guiding net debt down to EUR 2.2 billion from EUR 2.3 billion, underlining management’s confidence in demand and execution.

Investor takeaways and risk factors

The Exane BNP upgrade on September 10, 2026 provides a concrete external validation of Leonardo’s improved outlook, with the EUR 67 price target standing roughly one-third above the EUR 49.51 level noted on September 14, 2026, according to Goldesel. For investors, the quantified upside sits against a backdrop of stronger order intake and firmer margins.

At the same time, the first-half figures highlight that free operating cash flow remains negative at EUR 249 million in 1H 2026, even if the 39 percent improvement versus the prior year points in a positive direction according to Leonardo. As MarketBeat notes, the broader European defense sector has experienced bouts of weakness despite growing backlogs, meaning that sector sentiment rather than company-specific fundamentals can still influence Leonardo’s share price in the short term.

For long-term holders, the key numbers now lie in the order book and the gap between revenue growth and EBITA expansion. Orders up 45 percent to EUR 16 billion versus 1H 2025 and revenue up 12 percent to EUR 10 billion, with EBITA up 34 percent to EUR 780 million in the same period, suggest that operational leverage is beginning to show through according to Leonardo.

Leonardo stock price snapshot

On Borsa Italiana, Leonardo stock trades under the ticker LDO. As of September 14, 2026, reference data from the cited Lang & Schwarz Exchange snapshot put the shares at EUR 49.51, with a daily decline of 0.98 percent and a year-to-date gain of 1.43 percent, according to Goldesel. Market capitalization and detailed 52-week range figures are not highlighted in the available week-filtered sources, but the current price stands materially below the EUR 67 target set by Exane BNP.