Citi has reaffirmed 'buy' ratings for British defence companies BAE Systems and Babcock International even if European defence budgets fall short of the expected 3.5% of GDP target, considering a more cautious 3% spending scenario. The bank believes that about half of the defence stocks it covers would still offer upside potential under reduced spending assumptions, highlighting Babcock, Dassault, Leonardo, RENK, Rheinmetall, and Thales. BAE Systems remains a buy if the US maintains its defence spending. This analysis comes amid concerns over Europe's ability to sustain increased military budgets due to high debt and political uncertainty, with Sweden seen as best positioned to meet spending targets, benefiting Saab. The report underscores the sensitivity of defence stock valuations to government budget assumptions during a period of strong sector performance in Europe.
The news on Citi's confidence in BAE Systems and Babcock International comes with Pluang's Industrials sector data for context. Of 92 priced US Industrials stocks on Pluang, 29 rose and 56 fell as of Sep 23, 2026 18:12 WIB. Notable movers include Allegion PLC at USD 151.73 with a 1-day change of -1.44%, Ryanair Holdings plc at USD 55.18 with a -1.20% change, and Vertiv Holdings Co at USD 250.52 with a -1.16% change.
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