Barclays has reaffirmed its 'overweight' recommendation on Rolls-Royce, with its target price raised from £2.70 to £4.09, in the wake of estimates raised following the presentation of 2027 targets at the Investor Day on November 28.

The broker says it 'anticipates the potential restoration of investment grade status as a near-term (2024) catalyst, supported by a net cash position and strong end-market prospects' for the British engine maker.

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