Siemens: Oddo cuts target price

(CercleFinance.com) - Oddo has confirmed its Neutral rating on the Siemens stock, while cutting its target price for the share to 100 euros (instead of 110 euros).


Oddo believes that the group is in a phase of complex restructuring, which may further weigh on profitability and readability.

"The fleet of ships" is gradually evolving, although the failed deal with MO + Alstom operation has been a significant setback. The broker also believes that the fundamental issues such as ROCE have not yet been addressed, the broker says.

Oddo reduced its estimates, due to a mixed outlook, now expecting earnings and FCF to fall by -3%/-6% 2019 and 2020.



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