Fincantieri S.p.A.

Bank of America reshuffled its European defense coverage, upgrading Saab AB Class B to buy from neutral and Dassault Aviation to buy from neutral while downgrading Babcock International Group and RENK Group AG to neutral from buy. BofA raised its Saab price objective to SEK720 from SEK655, citing stronger-than-consensus growth expectations, particularly in its Surveillance business, and forecasts earnings per share 9%-16% above consensus in 2027-30, with its 2030 revenue estimate for Surveillance about 27% above consensus. For Dassault, the bank lifted its price objective to €360 from €345, highlighting a Rafale backlog that provides about 7.5 years of production visibility at current delivery rates, and said a proposed Indian order for 114 Rafales and Ukraine's ambition for up to 100 aircraft could, if secured, lift the backlog above 400 aircraft and roughly double production visibility. Babcock was cut to neutral with its price objective reduced to 1,060 pence from 1,608 pence, and RENK was cut to neutral with its target lowered to €42.50 from €62.50. BofA also initiated Fincantieri SpA at buy with a €17 price objective, expecting 34% EPS CAGR from 2026-30, and started CSG Nv Class A at underperform with a €13 target.

Viking Holdings announced on Friday that its Viking Astrea hydrogen-powered cruise ship has been floated out at Fincantieri's Ancona shipyard in Italy, moving the vessel into water for the first time for final construction and interior outfitting. Delivery is planned for May 2027, followed by the ship's first Mediterranean and Northern Europe season. The Astrea is intended to be Viking's second hydrogen-powered cruise ship capable of zero-emission operation, using a hybrid propulsion system built partly around liquefied hydrogen and fuel cells with up to six megawatts of output, which the cruise line operator said could let the vessel operate in environmentally sensitive areas without exhaust emissions during that mode. Sister ship Viking Libra, the first such hydrogen-capable cruise ship, is scheduled for delivery in November. Viking is the only major cruise operator currently confirmed to be bringing hydrogen-powered cruise ships into service.