Dassault Aviation fell sharply on the Paris Bourse on Monday, after the aircraft manufacturer announced that its aircraft deliveries in 2023 would be below target, leading Deutsche Bank to lower its recommendation on the stock.

On the Paris Bourse, at around 10:22 GMT, Dassault Aviation shares were down 5.06% at 189.7 euros, compared with a 0.26% decline for the CAC 40 index at the same time. It is on course for its worst day since July 2023.

On Friday, after the market close, the Group reported that it had delivered 13 Rafales and 26 Falcon jets in 2023, compared with the 15 and 35 it had forecast respectively.

Deutsche Bank on Monday lowered its recommendation for Dassault Aviation to "hold" from "buy", expressing concern in particular about lower-than-expected orders and deliveries for the Falcon.

According to Deutsche Bank analyst Christophe Menard, the rebound expected at the end of the year has not materialized, as supply chain problems continue to reduce production.

"Our operating profit estimates are lowered by 30% for 2023, 8% for 2024, 10% for 2025 and 7% for 2026," he says in a note.

(Written by Augustin Turpin, with contributions from Lina Golovnya, edited by Blandine Hénault)