Siemens: TP raised by Oddo BHF

(CercleFinance.com) - Oddo BHF has confirmed its 'outperform' rating on Siemens shares and raised its target price from E228 to E256, citing the company's Q1 results as more of a good start, with very solid FCF in particular.


Our expectations were higher than the consensus and we have left our estimates unchanged overall. The pace of recovery in DI will be key to the share's momentum and therefore its performance, the analyst says.

Although the recovery in automation will be gradual, Oddo BHF is encouraged by the figures published. A possible easing of the budget in Germany (15% of sales) and a possible simplification of the portfolio are also assets, he continues.


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