Deutsche Bank announced on Monday that it had downgraded its recommendation on Dassault Aviation shares from 'buy' to 'hold', with a price target reduced from 216 to 199 euros.

This decision comes as the aircraft manufacturer announced on Friday that it had delivered 13 Rafale jets and 26 Falcon jets last year, below the targets communicated by the company.

'The rebound we had expected for the end of the year has not materialized, due to supply constraints which continue to penalize Falcon production', analyzed Deutsche Bank.

The research firm is particularly concerned by the 65% drop in Falcon orders, at a time when the group's American rivals are seeing their order books grow in business jets.

While Deutsche Bank deems the Rafale's performance to be "solid", it explains that the underperformance of the Falcon, which in its view is experiencing a "hard landing", has led it to lower its earnings forecasts and downgrade its recommendation.

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