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Siemens Energy: Oddo BHF on hold, but raises TP

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Siemens Energy shares, with a target price raised from E51 to E54, after the company yesterday published Q1 results well ahead of expectations, with sales up 18.
4% on a comparable basis to E8.9bn, 5% above expectations.

Against this backdrop, the analyst raises his 2026 estimates by 10% (2025 EPS not significant given the low amount).

Oddo BHF believes that the group will probably revise all its targets, and that organic sales growth could be raised by 1 to 2 points (currently 8-10%, Oddo BHF now estimates 10.7%).

The potential consequences of yesterday's announcements concerning DeepSeek and a possible reconsideration of long-term investments in data centers seem difficult to assess at this stage, the analyst concludes.


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