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Themes Transatlantic Defense ETF (NASDAQ:NATO), Rapport sur les intérêts à découvert

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The Fund employs a passive management investment approach designed to track the performance, before fees and expenses, of the Solactive Transatlantic Aerospace and Defense Index. The Index is based on a proprietary methodology developed and maintained by Solactive AG, which is an organization that is independent of, and unaffiliated with, the Fund and Themes Management Company, LLC, the Fund's investment adviser.

Axon Enterprise Inc

Airbus Group Se

Howmet Aerospace Inc.

Boeing Co

Safran Sa

Bae Systems Plc

Honeywell International Inc.

Raytheon Co.

Rheinmetall Ag

Transdigm Group Inc.

Lockheed Martin Corp

Themes Transatlantic Defense ETF

Truist Securities analyst Michael Roxland maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Hold and lowers the price target from $107 to $97.

News

Price Target

Analyst Ratings

Truist Securities Maintains Hold on Crown Holdings, Lowers Price Target to $97

Shares of GE Aerospace (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GE#NASDAQ">GE</a>) surged over 4% Tuesday after the company delivered a <a href="https://www.benzinga.com/topic/aerospace">first-quarter earnings beat</a>. 
The beat highlighted expanding margins and resilient demand across its commercial and defense <a href="https://www.benzinga.com/news/econ-s">segments despite economic headwinds.</a>
In a note shared Tuesday, Goldman Sachs analyst Noah Poponak said GE&#8217;s first-quarter results were ahead of consensus on margins, earnings, and free cash flow. He added that the company managed to reaffirm its 2025 outlook even while factoring in elevated costs from tariffs and slowing air traffic.
Setting aside the 10.6% surge on April 9 driven by investor enthusiasm over a 90-day pause in tariffs, GE Aerospace is on pace for its most substantial single-day gain since Jan. 23, when shares jumped 6.6% after fourth-quarter 2024 earnings.
See Also: <a href="https://www.benzinga.com/25/04/44925313/tesla-q1-earnings-preview-shareholders-analysts-want-answers-on-guidance-tariffs-fsd-and-more">Tesla Q1 Earnings Preview: Shareholders, Analysts Want Answers On Guidance, Tariffs, FSD And More</a>
<h3 class="wp-block-heading">A Solid Beat Across The Board</h3>
GE Aerospace reported adjusted earnings per share of $1.49 in first quarter, beating analysts' expectations of $1.27. 
Revenue for the quarter came in at $9 billion, up 11% year-over-year and roughly in line with forecasts.
Operating profit hit $2.1 billion on a margin of 23.8%, coming in 12% above consensus. Segment EBIT was 6% above Wall Street estimates.
Free cash flow, a key metric for industrial firms, reached $1.4 billion, comfortably topping consensus of $1.22 billion and well ahead of Goldman Sachs&#8217; internal forecast of $900 million.
<h3 class="wp-block-heading">Commercial Engines Power Higher</h3>
The Commercial Engines &amp; Services (CES) unit generated $6.98 billion in revenue, slightly above the expected $6.96 billion, marking a 14% increase from the prior year. This growth was driven by strength in spare parts, improved pricing, and internal shop visit revenues, despite a lower number of equipment units sold.
EBIT margins at CES were 27.5%, compared to Goldman's forecast of 27.8%. Total company orders rose 12% year-over-year, with CES orders climbing 15%.
Meanwhile, Defense &amp; Propulsion Technologies (DPT) revenue was $2.32 billion, up 1% year-over-year, falling short of estimates. Still, EBIT margin at DPT came in at 12.7%, handily beating the 9.5% projection.
<h3 class="wp-block-heading">Tariffs Loom, Yet GE Holds Firm</h3>
What makes GE's performance more striking is that its full-year guidance doesn't assume any tariff relief. 
The company reiterated its 2025 outlook, expecting adjusted EPS of $5.10 to $5.45, compared with consensus of $5.42. It projects free cash flow between $6.3 billion and $6.8 billion, aligning with the Street's $6.64 billion estimate.
Poponak noted that GE's guidance "absorbs an assumption for increased costs from tariffs and lower air traffic growth for the remainder of the year," yet the firm still expects to offset those pressures through strong pricing and cost control.
End-of-quarter backlog stood above $170 billion, with over $140 billion tied to commercial services, providing strong forward visibility.
Excluding the 10.6% spike on April 9 tied to investor excitement about a 90-day tariff pause, Tuesday's rally is on track to mark GE Aerospace's strongest one-day gain since Jan. 23, when the stock jumped 6.6% following fourth-quarter 2024 earnings.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44926902/imf-slashes-us-growth-outlook-as-trump-tariffs-bite-raises-recession-odds-to-40"> IMF Slashes US Growth Outlook As Trump Tariffs Bite, Raises Recession Odds To 40%</a></li>
</ul>
Image: Shutterstock

GE Aerospace Jumps 4% As Soaring Margins, Robust Orders Offset Tariff Concerns

Truist Securities analyst Brandon King maintains Comerica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) with a Hold and lowers the price target from $65 to $57.

Truist Securities Maintains Hold on Comerica, Lowers Price Target to $57

Truist Securities analyst Tobey Sommer maintains Clean Harbors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLH#NYSE">CLH</a>) with a Buy and lowers the price target from $270 to $250.

Truist Securities Maintains Buy on Clean Harbors, Lowers Price Target to $250

WIIM

TSLA

Tesla shares are trading higher ahead of the company's Q1 earnings report.

Truist Securities analyst Jake Bartlett maintains Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) with a Buy and lowers the price target from $74 to $61.

Truist Securities Maintains Buy on Chipotle Mexican Grill, Lowers Price Target to $61

Truist Securities analyst Michael Roxland maintains Boise Cascade (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCC#NYSE">BCC</a>) with a Buy and lowers the price target from $134 to $118.

Truist Securities Maintains Buy on Boise Cascade, Lowers Price Target to $118

Truist Securities analyst Michael Roxland maintains Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Hold and lowers the price target from $76 to $71.

BERY

Truist Securities Maintains Hold on Berry Global Gr, Lowers Price Target to $71

Truist Securities analyst Michael Roxland maintains Ball (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BALL#NYSE">BALL</a>) with a Buy and lowers the price target from $65 to $58.

BALL

Truist Securities Maintains Buy on Ball, Lowers Price Target to $58

<a href="https://www.bloomberg.com/news/articles/2025-04-22/apple-s-new-siri-chief-mike-rockwell-overhauls-management-to-start-turnaround" title="https://www.bloomberg.com/news/articles/2025-04-22/apple-s-new-siri-chief-mike-rockwell-overhauls-management-to-start-turnaround">https://www.bloomberg.com/news/articles/2025-04-22/apple-s-new-siri-chief-mike-rockwell-overhauls-management-to-start-turnaround</a>

Management

AAPL

'Apple's New Siri Chief Enlists Vision Pro Talent to Start Comeback Bid' - Bloomberg News

Truist Securities analyst Michael Roxland maintains Avery Dennison (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVY#NYSE">AVY</a>) with a Buy and lowers the price target from $215 to $210.

Truist Securities Maintains Buy on Avery Dennison, Lowers Price Target to $210

Barclays analyst Jared Shaw maintains Bank of Hawaii (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOH#NYSE">BOH</a>) with a Underweight and raises the price target from $64 to $67.

Barclays Maintains Underweight on Bank of Hawaii, Raises Price Target to $67

Truist Securities analyst Brian Foran maintains American Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) with a Buy and lowers the price target from $340 to $315.

Truist Securities Maintains Buy on American Express, Lowers Price Target to $315

There's weed and then there are pre-rolls.
And in 2025, the pre-roll isn't some stoner afterthought; it's the front-runner. In California, it's a cultural statement. In Canada, it's a quietly dominant force. Same format, different vibe. One market moves fast and loud; the other, slow and surgical. But both are being reshaped by the same force: the rise of the ready-made joint.
<h2 class="wp-block-heading">California: Where Pre-Rolls Come With Swagger</h2>
Let's start with the loudest room in the house.
Between December 2024 and February 2025, Californians bought $178.1 million worth of pre-rolls—16.1% of all cannabis sales in the state, per RollPros and BDSA. And most of those joints? They came supercharged. Infused products now make up 66.3% of all pre-roll sales.
The king of this hill? Jeeter. $26.7 million in sales this quarter. 15% of the market. Right behind them: STIIIZY's "40s" series of 0.5g five-packs, which alone account for 22% of California's entire pre-roll market.
This isn't a niche anymore—it's the standard.
And it's not just about grams and dollars. In this <a href="https://www.forbes.com/sites/willyakowicz/2025/04/18/inside-stiiizy-the-worlds-best-selling-weed-brand/">Forbes cover story,</a> Will Yakowicz dives into what makes STIIIZY tick. CEO James Kim says it plainly: "I just know the consumer. That's the missing piece from the corporate guys—they don&#8217;t know the consumer." That might explain how his company, born in the gray market haze of 2017, now pulls in over $800 million annually and sits at the top of a cannabis empire with nearly 50 branded stores.
Also read: <a href="https://www.benzinga.com/markets/cannabis/25/04/44818968/how-one-european-company-is-flooding-america-with-cannabis-seeds">How One European Company Is Flooding America With Cannabis Seeds</a>
It's not all clean and polished. There have been rumors, lawsuits, scrutiny. But that rough edge? For many in the legacy market, it adds credibility. STIIIZY didn't come from Whole Foods—it came from DTLA. And the market rewards that.
<h2 class="wp-block-heading">Canada: Slower, Calmer, Just As Deep</h2>
Up north, pre-rolls are a quieter success story. In some provinces, they account for up to 40% of legal sales. Nationally? 32%, according to the latest from <a class="" href="http://www.zuanicassociates.com/">Zuanic &amp; Associates</a>, citing Hifyre data.
Here, too, infused is rising—but at a more measured pace. After years of double-digit growth, the segment has plateaued at around 34% of pre-roll sales. That's still huge.
Top players? Decibel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBCCF#OTC">DBCCF</a>) leads with 26% of the infused joint market, but it's losing steam. Rising fast are BZAM (with Jeeter), Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) —via Claybourne— and OGI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>)/Motif. Unlike California, pricing in Canada has stayed mostly stable. In fact, most brands that gained share raised prices year over year. A flex if there ever was one.
Where Canada lags? Format. Multipacks are still catching on. In California, they're the gold standard. In Canada, they're just starting to matter—and that's a gap ripe for disruption.
<h2 class="wp-block-heading">So What's The Play?</h2>
Same product, two different speeds.
California moves like a streetwear drop. Fast, brand-driven, fueled by flavor and hype. Canada leans clinical—steady, data-minded, focused on consistency and structure.
But consumers in both markets are pointing the way. Potency matters. Convenience matters. Innovation matters. And pre-rolls are no longer the bonus item; they're the main event.
Analyst Pablo Zuanic frames it like this: "Pre-rolls continue to outgrow the Canadian rec market and over-index versus the U.S." And in California? The numbers speak for themselves.
Jeeter. STIIIZY. Claybourne. Boxhot. These brands aren't just selling cannabis. They're selling identity, repeatability and a new kind of ritual.
<h2 class="wp-block-heading">The Bigger Picture</h2>
For investors and operators, this isn't just fluff &#8211; it's strategy. Infused pre-rolls are one of the few high-margin formats that still enjoy consistent consumer demand. The California model is spreading, one licensing deal at a time. Canadian producers have proof that pricing power still exists—if the product delivers.
And if you're still treating pre-rolls like an add-on? You're missing the moment.
Photo: Shutterstock

Cannabis

DBCCF

Why Pre-Rolls Are Cannabis' Most Profitable Format, From California To Canada

Corteva (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTVA#NYSE">CTVA</a>) has outperformed the market over the past 5 years by 5.86% on an annualized basis producing an average annual return of 18.76%. Currently, Corteva has a market capitalization of $40.38 billion. 
Buying $1000 In CTVA: If an investor had bought $1000 of CTVA stock 5 years ago, it would be worth $2,298.06 today based on a price of $59.12 for CTVA at the time of writing.
<h3>Corteva's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1745338511_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

CTVA

Here's How Much $1000 Invested In Corteva 5 Years Ago Would Be Worth Today

Truist Securities analyst Michael Roxland maintains Amcor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMCR#NYSE">AMCR</a>) with a Buy and lowers the price target from $12 to $11.

AMCR

Truist Securities Maintains Buy on Amcor, Lowers Price Target to $11

Barclays analyst Nicholas Campanella maintains Xcel Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XEL#NASDAQ">XEL</a>) with a Overweight and raises the price target from $72 to $73.

Barclays Maintains Overweight on Xcel Energy, Raises Price Target to $73

Truist Securities analyst David Smith maintains Ally Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) with a Buy and lowers the price target from $45 to $41.

ALLY

Truist Securities Maintains Buy on Ally Financial, Lowers Price Target to $41

Barclays analyst Nicholas Campanella maintains Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>) with a Equal-Weight and raises the price target from $83 to $90.

Barclays Maintains Equal-Weight on Southern, Raises Price Target to $90

Piper Sandler analyst Harsh Kumar maintains Impinj (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PI#NASDAQ">PI</a>) with a Overweight and lowers the price target from $140 to $100.

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