Safran Shares Hit Historic High of €351.80, Eyeing €360
The aeronautical engine manufacturer reaches a new peak in mid-morning trading at the Paris Stock Exchange. The stock continues its ascent, breaking through a long-watched technical barrier in a positively oriented Parisian market. Barclays has also recently raised its price target.
An Absolute Record Set at €351.80 and the €349.90 Resistance Overcome
Safran's stock reached €351.80 during the session, a historic high surpassing the previous record of €351.50. The stock is up 0.51% at €351.70, after breaking through its €349.90 resistance level during the session, a threshold monitored since the rally that began in mid-June. This shift continues the movement initiated last week when the engine manufacturer had already broken the €343.70 level.
Over a month, the stock has risen 18.42%, and 21.03% over three months. The RSI is at 72, in the overbought zone, while the price is nearly 10% above its 20-day moving average of €320.88. The next round level above the current price is the psychological threshold of €360, with no intermediate technical reference.
Barclays Raises Target to €370 and Reaffirms Overweight Rating
On Wednesday, Barclays raised its price target on Safran from €330 to €370, while reaffirming its Overweight rating. The new target is about 5% above the current price. This increase adds to a stream of industrial news over the past month: in mid-June, Safran signed a memorandum of understanding with Theon for optronics in drones, and in early June, Olivier Andriès detailed the ramp-up of the AASM Hammer bomb, with production targeted at 1,400 units by 2026.
The sectoral backdrop remains supportive for European defense. The stock is advancing today as the CAC 40 is up 0.71% at 8,396.76 points, with Carrefour, ArcelorMittal, and Thales leading the index. The next level watched by the market is the €360 threshold.
