BAESY Bae Systems Plc (PK)

0928 GMT - BAE Systems is among the most mentioned companies across news items over the past four hours, according to Factiva data. The U.K. defense-and-aerospace group has been awarded 3.95 billion pounds ($4.82 billion) by the U.K. government for the next phase of its nuclear-powered attack submarine program, part of a security pact between the U.S., U.K. and Australia, and received an upgrade from brokerage Berenberg. BAE said Sunday that the funding will cover development work until 2028, allowing it to move into the detailed design phase of the program and begin to procure items with long lead times. Manufacturing will start at the end of the decade, with the first boat expected to be delivered in the late 2030s. Meanwhile, Berenberg analysts said they expect increased defense budgets to ensure sustained higher top-line growth for European defense stocks, raising their rating on BAE to buy from hold. Shares are up 1.3% at 1,011.0 pence. Dow Jones & Co. owns Factiva. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

October 02, 2023 05:44 ET (09:44 GMT)

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