Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) notified the Tel Aviv Stock Exchange (TASE) last week that its PULS rocket artillery system has been chosen by the Greek armed forces. However, Globes" understands that Lockheed Martin - Elbit’s main business rival on the product - has not given up hope of winning the contract from Greece. In a press release, Elbit said that the Greek parliament and the Government Council for National Security Council (KYSEA) had approved the budget for the purchase of the syst ...

Core Insights - Elbit Systems Ltd. has received approval from the Hellenic Parliament and KYSEA for a budget to purchase its PULS rocket artillery system for the Hellenic Armed Forces, anticipating a material contract [1][2] - The contract award is subject to the completion of commercial negotiations with the Hellenic Ministry of National Defense [2] Company Overview - Elbit Systems is a leading global defense technology company, providing advanced solutions across multiple domains [3] - The company employs approximately 20,000 people worldwide and reported revenues of $1,922 million for the three months ending September 30, 2025, with an order backlog of $25.2 billion as of that date [4]

The Tel Aviv Stock Exchange fell today. The Tel Aviv 35 Index fell 0.51% to 3,595.63 points, the Tel Aviv 125 Index fell 0.69% to 3,606.96 points; and the BlueTech Global Index fell 0.90% to 600.38 points. The All Bond corporate bond index rose 0.06% to 417.88 points. Turnover totalled NIS 3.62 billion in equities and NIS 3.22 billion in bonds. On the foreign exchange market, the representative shekel-dollar rate was set 0.219% higher from Friday, at NIS 3.209/$, and the representative shekel-euro rate wa ...

Core Insights - The report provides a comprehensive analysis of the multifunctional military radar market, including growth trends, market segmentation, and competitive landscape [2][3][4]. Market Overview - The multifunctional military radar market is categorized by product types such as L-band, S-band, C-band, and X-band, with projected growth trends from 2020 to 2031 [2][3]. - The market is also segmented by applications, including air and missile defense, intelligence, surveillance, reconnaissance, navigation, weapon guidance, and space situational awareness [2][3]. Industry Development Status - The report outlines the overall development status of the multifunctional military radar industry, highlighting key characteristics and influencing factors [3][4]. - It discusses both favorable and unfavorable factors affecting industry growth, as well as barriers to entry [3][4]. Supply and Demand Analysis - Global supply and demand trends for multifunctional military radar from 2020 to 2031 are analyzed, including production capacity, output, and utilization rates [3][4]. - The report provides insights into the production and demand trends specifically for the Chinese market [3][4]. Regional Market Analysis - The report includes a detailed analysis of the multifunctional military radar market across major regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa [4][5]. - It presents sales revenue and market share data for these regions from 2020 to 2025, along with forecasts for 2026 to 2031 [4][5]. Competitive Landscape - The competitive landscape of the multifunctional military radar market is examined, detailing market share and sales data for leading manufacturers [5][6]. - The report categorizes manufacturers into tiers based on their market presence and provides insights into their product offerings and applications [5][6]. Product and Application Analysis - The report analyzes sales and revenue trends for different product types and applications of multifunctional military radar from 2020 to 2031 [6][7]. - It includes forecasts for market share and pricing trends for various product types and applications [6][7]. Industry Trends and Drivers - The report identifies key trends and drivers influencing the multifunctional military radar industry, including technological advancements and regulatory factors [7][8]. - A SWOT analysis of Chinese enterprises in the industry is also included [7][8]. Supply Chain Analysis - The supply chain dynamics of the multifunctional military radar industry are discussed, including procurement, production, and sales models [8][9]. - The report highlights key raw materials and major downstream customers in the industry [8][9].

Core Viewpoint - The report summarizes significant rating changes from various investment firms that are expected to impact the market. Upgraded Ratings - Jefferies upgraded Roku (ROKU) from "Hold" to "Buy," raising the target price from $100 to $135, anticipating over 20% growth in platform revenue under optimistic scenarios [5] - Piper Sandler upgraded Unity (U) from "Neutral" to "Outperform," increasing the target price from $43 to $59, citing a favorable outlook for the mobile app advertising market entering 2026 [5] - Citigroup upgraded Thermo Fisher Scientific (TMO) from "Neutral" to "Buy," raising the target price from $580 to $660, expecting benefits from increased pharmaceutical spending and local industry advantages [5] - Bank of America upgraded Synopsys (SNPS) from "Neutral" to "Buy," increasing the target price from $500 to $560, noting reduced risks in sales to China and Intel, and potential for attractive rebound [5] - Bank of America upgraded Visa (V) from "Neutral" to "Buy," setting a target price of $382, indicating attractive return potential after recent underperformance [5] Downgraded Ratings - Bank of America downgraded PayPal (PYPL) from "Buy" to "Neutral," lowering the target price from $93 to $68, citing delays in revitalizing core payment business growth [5] - Harbor Research downgraded General Electric Energy (GEV) from "Buy" to "Neutral," without providing a target price, stating current valuation is reasonable [5] - Bank of America downgraded Alcon (ALC) from "Buy" to "Underperform," reducing the target price from $100 to $75, due to limited upside and market uncertainties [5] - Deutsche Bank downgraded Norfolk Southern Railway (NSC) from "Buy" to "Hold," setting a target price of $297, attributing the downgrade to unresolved merger issues with Union Pacific Railway (UNP) [5] - Deutsche Bank downgraded Union Pacific Railway from "Buy" to "Hold," setting a target price of $245, despite strong performance over two quarters, citing poor stock performance [5] Initiated Coverage - Freedom Capital initiated coverage on Shift4 Payments (FOUR) with a "Buy" rating and a target price of $80, viewing recent pullbacks as an attractive entry point [5] - Bernstein initiated coverage on BridgeBio Pharma (BBIO) with an "Outperform" rating and a target price of $94, suggesting that short-term expectations are reasonable but long-term may be overly optimistic [5] - B. Riley initiated coverage on Chime Bank (CHYM) with a "Buy" rating and a target price of $35, indicating a 40% potential upside, highlighting its profitable and high-growth digital banking services [5] - Morgan Stanley initiated coverage on Elbit Systems (ESLT) with a "Hold" rating and a target price of $531, noting that most growth potential is already reflected in the current stock price after a 95% increase this year [5] - Goldman Sachs initiated coverage on Abercrombie & Fitch (ANF) with a "Buy" rating and a target price of $120, favoring companies with store expansion capabilities and pricing power in the apparel retail sector [5]

Group 1 - Greece's parliament approved the procurement of 36 PULS rocket artillery systems from Israel, with a total contract value of approximately €650 million [1] - The PULS rocket artillery system, also known as the "Precision Universal Launching System," is developed and manufactured by Israeli company Elbit [1] - The maximum range of the PULS system can reach up to 300 kilometers [1]

Market Performance - The Tel Aviv Stock Exchange saw a rise today, with the Tel Aviv 35 Index increasing by 1.14% to 3,506.55 points and the Tel Aviv 125 Index rising by 0.70% to 3,535.70 points [1] - The BlueTech Global Index, however, fell by 0.16% to 600.50 points, and the All Bond corporate bond index decreased by 0.01% to 418.12 points [1] - Total turnover in equities reached NIS 3.77 billion, while bonds totaled NIS 3.48 billion [1] Currency Exchange Rates - The representative shekel-dollar rate increased by 0.248% to NIS 3.237/$, and the shekel-euro rate rose by 0.345% to NIS 3.780/€ [2] Notable Stock Movements - Camtek experienced the largest increase on the Tel Aviv 35 Index, rising by 3.08%, followed by Tower Semiconductor at 2.45%, Elbit Systems at 2.55%, and Teva Pharmaceutical at 2.97% [2] - Bank Hapoalim led the market with a rise of 2.29% and the highest trading turnover, while Bank Leumi increased by 2.14%, Mizrahi Tefahot Bank by 0.91%, and Israel Discount Bank by 1.43% [3] - YH Dimri Construction & Development saw the largest decline on the Tel Aviv 35 Index, falling by 2.99%, with Clal Insurance down by 2.08% and Enlight Renewable Energy down by 1.70% [3]

Core Viewpoint - The Japanese government plans to procure offensive drones from Israeli company Elbit Systems, which has faced strong opposition from parts of the Japanese public due to the company's involvement in military actions in Gaza [1] Group 1: Government Procurement Plans - The drones being considered for procurement include the "Sky Striker" model, which has been used in military operations in Gaza [1] - The procurement is linked to the actions of the Israeli military, raising ethical concerns among Japanese citizens [1] Group 2: Public Opposition - Various citizen groups held a protest on November 27 at the House of Representatives, opposing the procurement of Israeli drones [1] - Protesters labeled the military actions in Gaza as genocide and argued that trade relations with entities involved in such actions are unacceptable [1]

Core Viewpoint - The Japanese government plans to procure offensive drones from Israeli company Elbit Systems, which has faced strong opposition from some Japanese citizens, with experts suggesting that Prime Minister Fumio Kishida could face an international arrest warrant due to this decision [1][3][5] Group 1: Procurement Details - The drones in question are manufactured by Elbit Systems, a major Israeli defense contractor closely associated with military operations in Gaza [3][5] - The Japanese Ministry of Defense has acknowledged that the drone models under consideration include the "Sky Striker," which has been used in military actions in Gaza [3][5] Group 2: Public Opposition - Multiple citizen groups held a protest on November 27 at the House of Representatives, opposing the procurement of Israeli drones, arguing that military actions in Gaza constitute genocide and that Japan should not maintain trade relations with perpetrators of genocide [3][5] - Protesters emphasized that purchasing weapons from Israeli military enterprises could be seen as complicity in genocide [3][5] Group 3: Legal Implications - Professor Takahashi Munenori from New York University stated that genocide is a serious international crime, and any country has an obligation to prevent it; continuing to procure weapons from Israel under the current circumstances is a disregard for international obligations [3][5] - If the purchase of drones from Israel is deemed to support genocide, Prime Minister Fumio Kishida and Defense Minister Kishi Nobuo could potentially face international arrest warrants, similar to those previously issued against Israeli Prime Minister Netanyahu [3][5]

Core Insights - Governments globally are increasing defense budgets to modernize military capabilities, attracting investor interest in defense contractors focused on high-growth military technology areas [1] - Companies like Kratos Defense & Security Solutions, Inc. (KTOS) and Elbit Systems (ESLT) are well-positioned due to their advanced systems portfolios, including unmanned aerial vehicles and missile defense technologies [1][2] Defense Spending Trends - Significant capital is being invested in autonomous defense technologies and military drones, as modern warfare emphasizes speed, precision, and reduced human exposure [2] - Unmanned systems are crucial for surveillance and strike missions, minimizing risks to soldiers in high-risk environments [2] Technological Advancements - Military drones and autonomous systems enhance situational awareness and operational effectiveness through advanced sensors and AI-driven targeting [3] - Real-time data links allow commanders to make informed decisions quickly, improving mission efficiency [3] Company Performance: Kratos Defense (KTOS) - KTOS is experiencing robust growth in its unmanned systems segment, with revenues increasing by 35.8% year-over-year and operating income rising by 575% in Q3 2025 [4][9] - The company is expanding its global presence through new contracts and investments in next-generation platforms, positioning itself for long-term growth [5] Company Performance: Elbit Systems (ESLT) - ESLT is also seeing strong momentum in its unmanned systems business, driven by demand from global defense agencies [6] - The company has secured major multi-year contracts, including one valued at approximately $2.3 billion, enhancing long-term revenue visibility [7] Earnings Estimates - Zacks Consensus Estimates indicate KTOS's EPS growth of 4.08% and 38.95% for 2025 and 2026, respectively [8] - ESLT's EPS is expected to grow by 39.27% and 16.6% in 2025 and 2026, respectively [10] Valuation Comparison - KTOS has a forward Price/Sales (P/S F12M) multiple of 7.98, while ESLT's is 2.41, making ESLT more attractive from a valuation perspective [12] Debt Position - KTOS has no total debt to capital, while ESLT's ratio is 7.61% [13] - Interest coverage for KTOS is 11.8, compared to ESLT's 4.1, indicating KTOS's stronger ability to meet interest obligations [13] Stock Performance - Over the past year, KTOS shares have increased by 183.2%, while ESLT shares have risen by 86.9% [14] Investment Recommendation - Both companies are key players in advanced military technology, particularly in unmanned systems [15] - KTOS is currently favored due to its superior price performance and management compared to ESLT, with both stocks holding a Zacks Rank 3 (Hold) [16]