Rheinmetall Stock: Record High Amid Strong Q3 Performance

Rheinmetall's stock reached a historic peak of €611.80 in early trading, underlining the defense contractor's impressive market trajectory with a year-to-date surge of 109%, positioning it as the DAX's second-strongest performer. The company's third-quarter results showcased remarkable growth, with revenue climbing nearly 40% to €2.45 billion, while earnings per share significantly improved from €2.35 to €3.11. Analysts project full-year earnings of €21.16 per share for 2024, accompanied by an anticipated dividend increase to €7.60. Despite minor profit-taking during later trading sessions, the stock maintained stability just below the €600 mark, even as the broader DAX index retreated below 19,000 points.

Analysts Raise Price Targets on Growth Outlook

Financial experts have adopted an increasingly bullish stance on Rheinmetall's prospects, with average price targets reaching €663.88, and some analysts projecting potential upside to €700. This optimistic outlook is bolstered by a significant new contract in Baltic Sea mine clearance for an offshore wind park connection, scheduled through May 2025. The project, valued in the double-digit millions, further reinforces the company's growth trajectory and strategic market position in the context of rising European defense requirements.