Oddo BHF has raised its opinion on Rolls-Royce from 'neutral' to 'outperform', with a price target raised from 230 to 350 pence, judging that on the basis of its new estimates for the group, valuation is still largely attractive.

In addition, and despite a more complicated macro context, the acceleration of the reopening of international networks in Asia ensures a favorable momentum in terms of flight hours", adds the analyst in his note on the British engine manufacturer.

"Similarly, the newflow on disposals/partnerships will lend further credibility to the deleveraging trajectory and the return to investment grade. The new management team seems clearly determined to execute its plan", he continues.

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