Rheinmetall halved capex to 8-9% from 16% of sales due to shifting priorities at eastern European energetic production sites, per MWB Research's Jens-Peter Rieck. He raises 2027 capex forecasts but lowers 2028+ sales forecasts citing German procurement shifts, cutting price target to 1,050 euros from 1,150 euros and downgrading to sell.

JPMorgan notes Q2 results show lowered guidance: sales 13.7-14.2 billion euros vs prior 14-14.5 billion, capex downscaled to 8-9% from 16%, backlog now above 100 billion euros vs 135 billion. Shares trade 0.2% higher at 1,203.40 euros.

Transurban holds trim rating at Morgans; analyst Nathan Lead sees earnings constrained by Melbourne weakness and rising interest costs. He estimates dividends could grow like pipeline operator APA, and a rerating to APA's yield would price Transurban at 12 Australian dollars. Morgans cuts target 0.9% to A$12.63; shares closed 0.75% lower at A$14.59.