06:37 AM EDT, 05/15/2026 (MT Newswires) -- Berenberg tweaked its price target and forecasts for Renk Group (R3NK.F) to reflect analysts'expectations of softer vehicle order volumes from Germany.

"We conservatively reduce our German order intake assumptions for the Leopard 2 tank and Boxer infantry fighting vehicle. We lower our total Leopard 2 order forecast by c200 vehicles to c700 units, and our total Boxer unit assumption to c3,000 units. This results in a cEUR185 reduction in our forecast German new build order intake for these two vehicles to EUR835m. Germany accounts for only 18% of RENK's total order pipeline, on our estimates. As a result, this reduction has only a minor impact on our medium-term estimates,"the research firm said Friday. Berenberg's sales and EBIT forecasts for 2026 to 2028 fell by 1% to nearly 2%.

The EPS estimates for the three-year period were also revised, with the 2026 projection nudged higher, while those for 2027 and 2028 were trimmed amid lower estimates in Renk's marine industry and vehicle mobility solutions segments. Subsequently, the stock's price target fell to 72 euros from 76 euros.

Against this backdrop, the research firm kept the military and civilian propulsion systems group's buy rating, saying the stock's 15% year-to-date decline provides a "compelling entry point."It also forecasts a 16.5 billion-euro order pipeline for Renk's VMS unit, supporting outer year estimates.