Is Rheinmetall Undervalued?

Hi everyone, I'm looking for some opinions from people who have been following Rheinmetall closely. From what I've been reading, the average analyst price target is still around €1,721, which is significantly above the current share price. Despite this, the stock has continued to trend lower, and I'm trying to understand whether the market is simply pricing in short-term risks or if there's something more fundamental that analysts are missing. Some questions I'd love to hear your thoughts on: Do