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Schneider Electric: new top pick for Berenberg

( - Berenberg announced Friday that it is making Schneider Electric its new top pick within the industrial equipment sector, after downgrading Siemens shares.

"We are more optimistic than consensus about the growth algorithm for Schneider Electric ahead of receiving its 2023 guidance," the broker said.

"Our longer-term bullish stance is unchanged and, given the too-low consensus expectations, we remain bullish in the near term too, at least relatively," it adds.

Berenberg maintains its buy rating on the stock, while trimming its target price for it from 200 euros to 195 euros.

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