(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Siemens with an unchanged price target of 196 euros.
The analyst reports that Siemens surprised negatively last week with a lower-than-expected Q2 release.
The disappointment focused particularly on the Digital Industries (DI) division, not at the level of orders (-12% vs css at -14%) but on the operating margin which stood at 16.5% (vs 17.5%), indicates the broker who adds that ‘the second disappointment lay in the group’s guidance, revised downwards for the DI division’.
In this context, Oddo BHF’s downward revisions are ‘relatively limited’, with 2024 & 2025 EPS lowered by 1.7% on average.
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