Siemens Healthineers: shares surge after BofA upgrade

(CercleFinance.com) - Siemens Healthineers share are up almost 3% on Thursday after Bank of America upgraded the stock from "neutral" to "buy," citing a "best in class player.
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"Siemens Healthineers is a top ranked player in the imaging market and is entering a new product cycle year, with order books back to growth," BofA wrote in a note to clients.

The analyst also pointed out that the stock is trading at a 2022 P/E of about 19x, representing a 40% discount to the sector, which he thinks is excessive, given the quality of the business.

Bank of America has therefore raised its target price for the stock from 43 euros to 47 euros.

Shares of the German medical technology company were up 2.9% in afternoon trading on the Frankfurt Stock Exchange. They have lost close to 10% this year.

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