** Shares in Italy's Avio AVI.MI rise 5.7% after the rocket maker posts "strong" Q1 results late on Tuesday

** Q1 sales were up 19% YoY at 129 million euros ($151 million), beating Jefferies estimates by 8%

** Q1 adjusted EBTIDA also up 19% YoY at 5.2 million euros, 10% above Jefferies' estimates

** Avio's "strong" start of the year was driven by a 32% rise in its space propulsion sales, with defence and launch systems divisions sales both up 17%, Jefferies says

** Current geopolitical events made demand for defence products grow even higher than what was previously indicated by the group, Equita says

** Avio said it expects its defence business to make up 60% of its revenues by 2035

** Shares up 7.5% YTD, including session's gains

($1 = 0.8542 euros)