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Siemens Energy: Oddo maintains hold rating, cuts TP

( - Oddo BHF maintains its "neutral" rating on Siemens Energy, although has trimming its target price for the share from 18.
7 euros to 17.9 euros, considering that uncertainties remain, despite the good performance of Gas & Power (GP).

The broker has significantly reduced its EPS estimates for 2022 and 2023 (by over 10%) to take into account mainly the more negative outlook for SGRE and, to a lesser extent, the impact of Russia at its GP division.

The analyst says that investors have to trade off the attractive long-term outlook, with an energy market that is set to grow significantly and margins recovering, against the uncertain near-term outlook.

The share is currently down about 0.5% at about 16.4 euros in Frankfurt, although is slightly outperforming the market there (-0.9%).

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