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Siemens Energy: stock down with Oddo cutting target price

( - Oddo maintains its "neutral" rating on Siemens Energy shares, while reducing its corresponding target price from 23 euros to 18.
7 euros.

The broker says that Q2 results were in line with preliminary results, with sales of 6.6 billion euros, down 1.7% LFL, with negative adjusted EBIT of -21 million euros.

The group has finally decided to reduce its FY 2022 targets, with organic sales growth in the Gas & Power (GP) division at the lower end of the range of 1% to 5% (Oddo BHF estimates 2%) and an adjusted EBITA margin of 4.5% to 6.5%.

At the consolidated level, Siemens Energy now expects targets at the lower end of the range (-2% to +3% for organic sales growth and 2% to 4% for its adjusted EBITA margin).

Siemens Energy shares are suffering a power cut this morning - down over 5% in Frankfurt.

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