Rheinmetall AG is trading at $1071.40, down 5.2% today, as the market continues to react to the cancellation of the F126 frigate program on June 24, 2026. - Today's decline is further exacerbated by a new price target cut from Berenberg, extending a series of analyst downgrades following the multi-billion euro contract loss. - Lingering concerns over free cash flow conversion and prior guidance from March 2026 results also contribute to the negative sentiment, despite strong long-term defense demand and a robust order backlog.