(News Bulletin 247) – Berenberg on Monday raised its advice on Siemens from ‘hold’ to ‘buy’, with an unchanged price target of 170 euros showing an upside potential of 24%.
In a research note, the analyst believes that the decline in the stock following the publication of the latest quarterly results offers an interesting opportunity to reposition itself on the file, which it still considers attractive from a long-term perspective.
The intermediary recognizes that its increase in recommendation could prove to be “premature” in view of the prospect of the realization of the order book of the division of software and services for the industrial sector (DI) in the months to come.
Berenberg nevertheless highlights the solid demand and the improvement in profit margins which continue to benefit from the branch of intelligent technologies for buildings and infrastructures (IS) of the group, which he considers neglected by the market.
And if he fears an access of weakness of the contracts coming from China, the analyst underlines that this negative element could be counterbalanced by the disappearance of the concerns surrounding Siemens Energy in the months to come.
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