Berenberg Boosts Safran Price Target, Estimates Amid 'Underappreciated' Civil Aftermarket Strength

04:58 AM EDT, 07/31/2026 (MT Newswires) -- Berenberg increased its price target for Safran (SAF.PA) to 400 euros from 355 euros as it highlighted the "underappreciated" strength of the company's civil aftermarket business, which surpassed "high expectations" in the first half. The French aircraft engines manufacturer saw a 19% annual increase in adjusted revenue to 17.57 billion euros and a 29% surge in recurring operating income to 9.18 billion euros for the first six months of 2026, exceeding market forecasts, supported by another quarter of high civil aftermarket growth, according to a Thursday note. "Management's confidence in the durability of the strength in the civil aftermarket was higher than we were expecting. Workscope is often cited as the key watch item for spare parts growth in 2027-28 by investors; the company's confidence that this will remain high addresses a key bear point, in our view," the research firm said, leaving the stock's buy rating unchanged. "The demand-supply imbalance in the civil aftermarket appears high enough to withstand the disruption from the conflict in the Middle East." Analysts also raised their adjusted EPS estimates by between 6% and 8% for the 2026 through 2028 period, reflecting Safran's upgraded full-year 2026 outlook. Sales and adjusted EBIT projections over the three-year period were also lifted.