Siemens Gamesa: Deutsche Bank reinstates coverage, shares up
(CercleFinance.com) - Deutsche Bank has reinstated coverage of Siemens Gamesa with a "hold" rating and target price of 16 euros, saying that the long-term prospects of the wind turbine maker remain "attractive" despite the current challenges.
In a note to clients, the broker pointed out that the Spanish-based industrial group's long-term growth outlook remains "largely intact."
"Under new CEO Andreas Nauen, we anticipate a successful turnaround of the onshore segment which, combined with continued strong growth in offshore and services, should enable the group to reach the low end of its targeted 8-10% margin range," it wrote.
Siemens Gamesa shares were up 1.7% on Friday, largely outperforming the 0.4% drop in Madrid's IBEX 35 index.
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