02:02 AM EDT, 10/07/2026 (MT Newswires) -- Mwb Research sees Rheinmetall's (RHM.F) third-quarter pre-close statement as signaling "another solid quarter" for the German defense group, with growth tracking in line with full-year 2026 guidance despite "no obvious beat" expected. The research firm in a Tuesday note said Rheinmetall's growth is staying within the guided range of 37% to 42%, along with a targeted operating margin of 19%. Against this backdrop, analysts left their 2026 estimates unchanged, modeling third-quarter sales at 3.9 billion euros and EBIT at 740 million euros. "The statement reinforces our view that Arminius is increasingly needed to justify the current valuation rather than delivering incremental upside. Without the program, we estimate our target price would be around 20% lower. The ammunition mix is also noteworthy, with 70% to 80% of contracts now focused on extended range rounds, underlining the changing battlefield and growing relevance of drones. The main upside remains the US, particularly XM30, while emerging laser technologies could again reshape warfare economics. CMD will be crucial," mwb wrote. The research firm affirmed its hold rating and price target of 1,050 euros on the stock.

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