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Bernstein analyst Adrien Rabier has lowered the price target for Rheinmetall AG to EUR 2,000 from EUR 2,050 while maintaining an Outperform rating, citing sector corrections and risks related to funding erosion for ground combat. Despite a significant stock decline and profit projections below consensus, demand remains strong with a substantial backlog in its Ammunition and Vehicle segments. Rheinmetall is also focusing on military operations, planning to divest its civil business by Q1 2026, and has secured a major contract for air defense systems from the Netherlands.