Siemens Gamesa: Berenberg cuts target price

(CercleFinance.com) - Berenberg maintains its hold rating on Siemens Gamesa shares, although has reduced its target price for them to 22 euros (vs.
29 euros previously), based on a target 2023 EV/EBITDA multiple of 14x, after the group's preliminary Q3 results announced last week.

The broker has adjusted its EPS estimates materially for the wind turbine maker, "going negative in 2021" and falling by 52%/24% in 2022/23e respectively, mainly due to lower expected margins in onshore installations.


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