Siemens: Oddo raises target price
(CercleFinance.com) - Oddo has announced that it has revised its forecasts for Siemens AG in light of the company's new guidelines.
Its new estimates now take into account a first quarter that is "above expectations".
As a result, the broker has increased its estimates for the group's operating profit in 2021 by about 10%-12 %, in addition to forecasting higher FCF.
The broker believes that its 2021 sales could reach 57.3 billion euros (7.4% growth on a comparable basis).
However, in the end, Oddo reiterates its "neutral" rating on the Siemens share which it says seems expensive, although has increased its corresponding target price from 112 euros to 130 euros.
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