In 24 hours, eight analysts have upgraded their rating on shares of the Norway-based company. What is it?

Immediately eight brokers out of twelve, tracking shares of Norwegian defense company Kongsberg Gruppen ASA, raised the ratings of its shares in just 24 hours, wrote Bloomberg. As a result, the securities did not have a single recommendation to sell, the agency noted.

Kongsberg Gruppen shares received strong support after collapsing 18% following the company's third-quarter report, in which it reported a 12% rise in revenue. Most analysts believe the market's reaction to the weaker-than-expected third-quarter results was overreaction, Bloomberg writes. With a strong order book and the potential for new contracts in the near term, the securities have "catalysts for revaluation," said SB1 Markets analyst Ole-Petter Schjevold.

Shares of Kongsberg rose by 7.4% in Oslo on Friday, October 31, partially recovering the fall suffered a day earlier. This was influenced by the company's announcement of a contract worth 1 billion Norwegian kroner (about $99 million) for the supply of additional components of the NASAMS surface-to-air missile system ordered by the government, the agency writes.

Kongsberg is now only 1.2% more expensive than it was at the beginning of 2025: it has been virtually unaffected by the massive rally in European defense stocks. Analysts were cautious on Kongsberg securities at the beginning of the year, pointing to the company's high valuation, which made it one of the region's least preferred defense stocks. Despite the fact that the securities have since fallen in price, some experts remain skeptical, Bloomberg notes.

This article was AI-translated and verified by a human editor