(CercleFinance.com) – Berenberg announced on Friday that it had lowered its recommendation on Siemens, from ‘buy’ to ‘hold’ with a price target reduced from 175 to 170 euros.
In a research note, the analyst justifies his decision by the fact that the market forecasts established on the German industrial conglomerate will become “increasingly difficult to exceed”.
‘The Siemens file remains attractive in a multi-year perspective with a title that remains deeply discounted compared to the intrinsic value of the underlying assets’, considers the intermediary.
‘But the potential for upside surprises relative to consensus estimates is limited in the short term and the next sequence of revaluation will most certainly involve changes at the portfolio level,’ he concludes.
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