Dassault Aviation SA

BofA Securities upgraded Dassault Aviation to buy from neutral and raised its price target to €360 from €345, citing the French fighter maker's long order book and potential new Rafale contracts. The target implies about 27% upside from the €284 share price cited in the report, and BofA noted the stock has fallen about 20% from its year-to-date high, creating a more attractive entry point. Dassault's Rafale backlog provides about 7.5 years of production visibility at current delivery rates, with further upside possible from India and Ukraine. India's proposed order for 114 Rafales could become a key catalyst in the fourth quarter and would be the largest export order in the aircraft's history, while Ukraine has expressed interest in acquiring up to 100 Rafales, initially ordering 16 aircraft under a July 2026 agreement with France with deliveries due to begin in 2028-29. Neither opportunity has yet become a firm contract, but BofA said that if both orders are secured, Dassault's backlog could exceed 400 aircraft, potentially extending production visibility to about 15 years at 2026 production rates. BofA also raised its 2026 earnings-per-share forecast to €16.40 from €16.30 and its 2028 forecast to €22.31 from €21.42, while cutting its 2027 estimate to €19.36 from €19.67.

Dassault Aviation is progressing a major Rafale export contract with India and has completed a successful in-flight trial of an AI-developed electronic warfare payload on a Rafale platform. The potential deal signals an expansion of the company's fighter jet footprint in a key defense market, while the trial with Harmattan AI integrates an AI-driven electronic warfare system onto the aircraft. Both developments highlight material business and technology moves for Dassault Aviation in the defense aviation sector, positioning the company within long-term defense themes focused on air power and electronic warfare capabilities.

Dassault Aviation et Harmattan AI ont annoncé la réalisation en vol d’un engagement collaboratif simulé entre un Rafale F4 et un drone embarquant la charge utile de guerre électronique NAMIB. NAMIB, développé conjointement par les deux industriels depuis janvier 2026, est capable de détecter, identifier et localiser des émissions électromagnétiques, notamment celles de systèmes de défense anti-aérienne. Lors du vol de démonstration, NAMIB a discrètement localisé avec une haute précision un radar à plusieurs dizaines de kilomètres, information transmise au Rafale qui a ensuite simulé une passe de tir. Ce vol illustre les capacités de combat collaboratif multi-milieux du Rafale et l’intégration de technologies autonomes avancées dans la prochaine génération de systèmes de combat aérien.

Dassault Aviation has welcomed a ruling by the European General Court that annuls the European Commission's 2023 exclusion of business aircraft manufacturing from the European green taxonomy. The court found that the Commission failed to consider the specific characteristics of business aviation, including its flexibility, speed, and connectivity, and did not sufficiently account for the potential use of sustainable aviation fuels.

Dassault Aviation's all-new Falcon 10X business jet has successfully completed its first flight from Bordeaux-Mérignac, marking the start of the flight test campaign. Test pilots Sébastien Dupont de Dinechin and Fabrice Dougnac took off at 11:10 a.m. and flew for two hours and 30 minutes, evaluating handling qualities and systems at 15,000 feet before climbing to 40,000 feet and accelerating to Mach 0.82. A second test aircraft is nearing completion and a third, outfitted with a full interior, will be used for systems and cabin testing. Chairman and CEO Eric Trappier called the flight another milestone for Dassault, which is the only aircraft manufacturer to have a completely new aircraft in flight in 2026.