Elbit Systems Shares Surge Following Upgraded Analyst Ratings

Elbit Systems Ltd. (NASDAQ:ESLT) experienced a significant increase in its stock price ahead of market opening on Monday, October 25, 2023. The stock, which closed at $473.03 the previous day, opened at $516.48. By the end of trading, Elbit Systems shares were valued at $511.90, with a trading volume of 74,323 shares.

Analysts Upgrade Elbit Systems’ Stock Ratings

Recent analyst reports have contributed to the positive momentum surrounding Elbit Systems. Wall Street Zen raised its rating from “hold” to “buy” in a note released on October 25. Meanwhile, JPMorgan Chase & Co. initiated coverage on the company on September 30, assigning a “neutral” rating and establishing a target price of $520.00.

In a further boost, Bank of America increased its price target from $500.00 to $540.00, maintaining a “buy” rating. Conversely, Zacks Research downgraded its rating from “strong-buy” to “hold” on November 12. Weiss Ratings reaffirmed a “hold (c)” rating on October 8. Currently, one analyst has rated the stock as a “buy,” while three have designated it as a “hold.” According to MarketBeat data, Elbit Systems holds an average rating of “hold” and a consensus price target of $530.00.

Institutional Investors Adjust Their Positions

Institutional investors have been active in modifying their stakes in Elbit Systems. Clal Insurance Enterprises Holdings Ltd. increased its stake by 0.3% in the first quarter, now owning 1,357,148 shares valued at approximately $520.19 million after acquiring an additional 4,248 shares.

The Vanguard Group Inc. raised its holdings by 4.8% during the third quarter, now owning 984,861 shares valued at about $501.04 million after purchasing 45,073 additional shares. Furthermore, Van ECK Associates Corp. expanded its stake dramatically by 3,162.0%, now holding 648,104 shares valued at $330.40 million after acquiring 628,236 shares.

Y.D. More Investments Ltd. also increased its holdings by 35.1%, now owning 610,977 shares worth approximately $271.44 million following the acquisition of 158,689 shares. Additionally, Arrowstreet Capital Limited Partnership raised its position by 2.5%, now holding 483,842 shares valued at around $246.12 million. Currently, institutional investors and hedge funds hold 17.88% of Elbit Systems’ stock.

Elbit Systems, based in Israel, specializes in developing and supplying airborne, land, and naval systems for defense, homeland security, and commercial aviation. The company operates through several segments, including Aerospace, C4I and Cyber, ISTAR and EW, Land, and Elbit Systems of America.

In light of the recent stock performance and analyst upgrades, Elbit Systems continues to be a focal point for investors and analysts alike.