BUZZ-Kepler Cheuvreux upgrades Theon to 'hold' as it reassesses Exosens deal

** Kepler Cheuvreux upgrades Greek night vision systems maker Theon THEON.AT to "hold" from "reduce", saying its initial view on the dilutive effect of the Exosens stake deal was "too conservative"

** The broker now values French component maker Exosens EXENS.PA at EUR 66.5 per share, significantly above the EUR 54 per share Theon paid for its 9.8% stake in the company

** An extension of the Night Vision Systems (NVS) cycle to beyond 2030 also supports the upgrade, lowering the odds of a potential boom-bust scenario for the firm

** The broker sees a "hold" rating as more adapted given strong order momentum and M&A potential

** Out of 11 analysts that cover Theon, nine rate the stock "strong buy" or "buy," and one analyst rates "hold" - LSEG data

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