A shortfall in Rheinmetall's order intake doesn't come as a surprise after the German government scrapped a project to procure F126 frigates, Deutsche Bank's Christoph Laskawi writes in a research note. The German defense group now expects second-quarter orders to be in a low double-digit billion-euro amount compared to a prior forecast of 20 billion euros. While the impact on orders was expected, Laskawi says it is surprising that the company's annual revenue guidance could take a hit of up to 300 million euros if it fails to mitigate the impact of the order cancellation. "Overall, we retain our positive view on Rheinmetall and see the recent share price weakness as overdone and providing an attractive entry point," he says. Rheinmetall shares trade 2.2% lower at 1,090.80 euros. (mauro.orru@wsj.com)