Siemens Energy: Oddo BHF raises TP but still neutral
(CercleFinance.com) - 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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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
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.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.