0928 GMT - Bilfinger's lowered outlook signals cyclical and demand-driven weakness, analysts at Bernstein say in a note. Following the German industrial services company's second-quarter results, analysts had said the first-half shortfall was due to project phasing, rather than lost work. However, deferred work hasn't returned and a recovery hasn't materialized, reducing the likelihood of a bounce back, the analysts say. There is also limited visibility into 2027, they add. Shares are down 20% at 60.65 euros.