Saab is rated a buy, with a $64.74 price target and 15% upside potential based on 2027 earnings expectations. Backlog visibility is strong, with 84% of 2026 and over 70% of 2027 expected revenues already booked, driven by short-cycle work. Q1 sales grew 21.4% and EBIT rose 32%, but free cash flow is pressured by elevated capital expenditures and ongoing ramp-up investments.