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BAE Systems Awarded Two More Navy Contracts -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — BAE Systems PLC(LON:), continues to grow its U.S. military contracts list following the award of a $154.11M contract by the Navy two week ago.

The most significant — revealed on Wednesday — is a $478 million contract for systems engineering and integration services. 

In Thursday’s session, BAE shares traded flat.

In September, BAE was awarded a five-year contract to support the U.S. Navy Strategic Systems Programs.

The U.K.-based defense company told investors that today it had received $26 million to equip U.S. Navy Constellation Class frigates with its fully-automatic Mk 110 naval gun.

Contract awarded this month includes engineering support. 2 Mk 110s are required for USS Constellation, USS Congress.

Analyst Aymeric Poulain, a financial analyst at Kepler Cheuvreux, initiated coverage on BAE in mid-October with a Buy rating and a target price of 670p. The shares of the company are trading at the level of 555p.

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