Rheinmetall Kept at Hold as Mwb Notes Germany's Leaked Defense Procurement List

12:31 PM EDT, 07/17/2026 (MT Newswires) -- Mwb Research maintained its hold rating on Rheinmetall (RHM.F), saying the recently leaked 2027 budget documents related to Germany's defense procurement confirm its cautious view on the German arms maker's 2030 targets. "Comparing the cumulative final budget documents from 2026 with the leaked planned budget from 2027 across the larger buckets relevant to Rheinmetall, we see a significant decrease in ammunition, combat vehicles, and vehicles for the Armed Forces incl. accessories," analysts said in a Friday note. "Pending more clarity from the German Bundestag in Berlin on strategy, we read the leaked document as a sign that even Berlin has understood that traditional land-based systems (tanks/artillery/...), while not obsolete, should not sit at #1 on the procurement list. While the list and the procurement authorisations remain highly volatile, we continue to view Rheinmetall's 2030 targets as too ambitious." The research firm noted that its hold recommendation on the stock will remain until the final budget plan for 2027 is finalized. The price target remains unchanged at 1,150 euros.