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Siemens Energy: Credit Suisse raises target price

( - Credit Suisse maintains its outperform rating on the Siemens Energy share and has raises its corresponding target price to 36 euros, from 27 euros previously.

The broker announces that profitability in Q1 2021 is "reassuring" and is counting on the announced redundancies (7,800) to generate 400 to 500 million euros in savings and to target a margin of 6% to 8% in 2023.

Finally, the broker believes that Siemens Energy should take advantage of the structural dynamics of the hydrogen electrolysers market, a business that could enable the company to generate related sales of 120-to-740 million euros by 2025.

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