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Berenberg maintained that the strategy remains appropriate despite the immediate financial impact.
"Ultimately, we believe this is the right strategic direction for the business, albeit one that comes at a significant and surprising cost, and delivery of the plan will be key to driving share price performance," added Berenberg.
Separately, two non-executive directors of Chemring Group purchased shares worth £250,000 on Friday after the defense firm experienced a 15 percent stock price decline over two months.
Chair Tony Wood bought shares worth £200,000 at 473p, while Alpna Amar purchased a holding worth £47,400.
The acquisitions occurred despite Chemring reporting a record £1.4 billion order book earlier in June.
Chief executive Michael Ord explained that geopolitical factors continue to support long-term defense expenditures.
"Elevated defence and national security spending is increasingly seen as a structural feature of the geopolitical environment, rather than a temporary response to current conflicts and regional tensions," said Ord.
The defense firm expects a return to standardized order levels following recent domestic delays related to the Defense Investment Plan.
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"Across NATO, planning assumptions have shifted towards territorial defence and peer-conflict readiness, supporting structurally higher budgets," added Ord.
