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Siemens Energy: Oddo BHF raises TP but still neutral

( - While raising its target price for Siemens Energy shares from E17.
8 to E23.1 after its Q2 publication, Oddo BHF maintains its "neutral" rating on the stock, believing that there is still a long way to go to turn Siemens Gamesa around.

While it notes that the power plant manufacturer's orders are impressive, the broker considers that this is less the case for adjusted EBIT, and points to a lowering of 2023 EPS targets despite an increase in operating guidance.

The group's positioning (electrification, renewables) is very attractive, although the pace of margin improvement at Siemens Gamesa is uncertain, the analyst says, who nevertheless raises his estimates for the German group.

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