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The BAE Systems’ stock is trading at 655.80 on Thursday – higher by 2.53% as compared to its previous close.
The company reported quarter earnings on Thursday. Stocks of BAE Systems are on rise after the company reported better-than expected earnings.
The quarter result was in line with the market expectations as the company took advantage of defense spending.
The company generated earnings per share of 45.8 pence for the first quarter. The earnings per share were above the consensus estimates of 23.33 pence.
The UK based defense and aerospace company booked a profit of 1.63 billion pounds for the year compared to 1.22 billion in previous year. The sales in the current year rose to 20.11 billion from 18.41 billion in the previous year.
The board of directors declared 13.8 pence per shares as dividend. The company officials also said that they expect earnings per share to rise by mid-single digit in 2020.
The company also revealed that they have large order and their main focus will be on stronger program performance to deliver a sustainable business model with better financial performance.
On the technical front, in the weekly chart the market trading near key resistance level. On daily chart the MACD histogram suggest market will move up and slope of 13-days ema and 26-days ema suggest market will move in upward direction.
Overall Bias is positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTIONS- BUY @ 655.80, STOPLOSS @ 654.30, TARGET@ 658.80