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 you believe Rheinmetall is currently undervalued? * What do you think is driving the recent weakness in the share price despite the bullish analyst targets? * Do you think the market is already pricing in peak defense spending, or is there still meaningful upside over the next 3–5 years? * If you already own the stock, are you buying more at these levels, holding, or taking profits?