(News Bulletin 247) – While raising its price target from 17.8 to 23.1 euros on Siemens Energy after its second quarter publication, Oddo BHF reaffirms its ‘neutral’ opinion, considering that ‘there is still a long way to go for straighten out Siemens Gamesa’.
While it recognizes that the power plant builder’s orders are impressive, the design office considers that ‘this is less the case for adjusted EBIT’, and points to a lowering of 2023 EPS targets despite an increase in guidance to the level operational.
‘The positioning of the group (electrification, renewables) is very attractive, but the pace of improvement in margins at Siemens Gamesa is uncertain’, judges the analyst, who nevertheless raises his estimates for the German group.
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