UBS has downgraded its recommendation on Thales from 'buy' to 'neutral', despite raising its target price from €123 to €135, a new target that offers 11% upside potential for the defense and transport electronics group's shares.

Thales is benefiting from macroeconomic trends in terms of geographical zones and portfolio, but the consensus seems to be evaluating this more effectively than for BAE Systems or Dassault Aviation", the broker judges in the summary of its note.

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