Rheinmetall Keeps Buy Ratings From Jefferies and Deutsche Bank as Artec Wins 69-Vehicle Schakal Order

Rheinmetall heads into its third-quarter report with fresh backing from two of the analysts who cover it most closely — though not at the same price target. Jefferies reaffirmed its "Buy" rating on the German defence contractor on Wednesday, keeping a 1.350-euro target ahead of the results, according to media reports. The company is scheduled to publish its Q3 2026 figures on 5 November 2026.

Deutsche Bank Research had already moved the day before, trimming its target to 1.650 euros from 1.800 on 27 October while leaving its "Buy" rating in place. Analyst Christoph Laskawi tied the cut to an expectations dilemma looming over the company's capital markets day: any adjustment to Rheinmetall's 2030 targets could weigh on earnings estimates, while the order contributions needed to underpin those goals remain uncertain. His note was explicitly framed around possible target revisions and their knock-on effect on expectations.

Artec Books Additional Schakal Vehicles

On the order front, Rheinmetall announced Thursday that procurement agency OCCAR had tasked Artec — the joint venture between Rheinmetall and KNDS Deutschland — with a further 69 Schakal wheeled armoured vehicles. The Bundeswehr will take 35 of them, with the remaining 34 destined for the Royal Netherlands Army. Rheinmetall put its own share of the contract in the mid-three-digit millions of euros, with deliveries scheduled between May 2032 and November 2033.

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Arson Investigation Continues in Kassel-Calden

Separately, North Hesse police were on Saturday examining a purported claim of responsibility published online in connection with a fire at Kassel-Calden airport. Investigators are treating the case as suspected arson and the inquiry is ongoing. Three construction vehicles at a building site were affected. According to a report in the HNA newspaper, police suspected deliberate arson, and the state security service took over the case because of a possible political motive. Rheinmetall told the paper that the site had not yet been handed over to the company and that a civil engineering firm was involved.

Naval Portfolio on Show at Euronaval

Rheinmetall also said Friday it will present its cross-domain product portfolio for naval forces at Euronaval, running from 3 to 6 November 2026. Exhibits will include the GMF-140 frigate and the Kraken K3 unmanned drone, alongside the MASS Nova decoy system.

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