Rheinmetall Gears Up for a Packed November as Deutsche Bank Trims Target but Keeps Buy Rating

Rheinmetall has two dates circled on the calendar: third-quarter 2026 results on 5 November, followed by a Capital Markets Day on 26 November at which Deutsche Bank Research expects the defence group to lay out its long-term objectives. Ahead of those events, the broker cut its price target to EUR 1,650 from EUR 1,800 on Tuesday while leaving its rating at "Buy." The shares slipped 1.1% in the prior session.

The production backdrop is shifting quickly. Rheinmetall opened its UK Gun Hall in Telford just over a week ago, a facility dedicated to manufacturing 120-mm and 155-mm weapon systems. According to the company, work on breeches and breech blocks began there as early as May 2026, with barrel production following in June 2026.

On the order front, Reuters reported roughly a week ago that the Italian army is set to place two contracts with Leonardo Rheinmetall Military Vehicles, the 50-50 joint venture between the two groups, worth a combined EUR 3.7 billion. The reported orders cover A2CS infantry fighting vehicles and main battle tanks; neither Rheinmetall nor Leonardo confirmed the contract award in that coverage. Media reports indicate the order book for the vehicle now stands at 51 units in total, with Rheinmetall supplying the chassis and Leonardo contributing the turret, which carries 30-mm armament.

Naval expansion is also in motion. Around two weeks ago, Rheinmetall and Swiss shipping line MSC won the auction for Romania's Mangalia shipyard. The purchase price payable jointly comes to roughly EUR 138 million, and the company said at the time it expected the deal to close within a few weeks.

Not every development has gone Rheinmetall's way. German media reported on Friday that the Bundeswehr's Skyranger drone-defence programme is facing delays, prompting the army to procure 48 GARMR counter-drone systems from Diehl as an interim solution.

With the quarterly figures due on 5 November, Deutsche Bank Research sees the subsequent Capital Markets Day on 26 November as the occasion for Rheinmetall to detail its long-term group targets.