Gooch (G&H) has made a useful smaller acquisition in the US defence photonics sector. We apply moderate upgrades to all forecasting years, and our target valuation is lifted to 670p from 650p. Acquisition Global Photonics expands capacity and market share in the USA for optical systems for military land and air platforms. The fit with other recent defence acquisitions is good. G&H now has six facilities in the USA across photonics & optical systems and life sciences. Probably 35% of Group revenu ....
