Siemens Energy: share price up, broker raises target

(CercleFinance.com) - Siemens Energy gained just under 2% in Frankfurt asOddo BHF confirmed its 'neutral' rating on the stock, with a price target raised from 11.
5 to 14.5 euros.

The analyst reports that results for Q1 23/24 came as no surprise, in line with the preliminary results published on January 23.

Orders totaled 15.38 billion euros, up 24%, including 8.24 billion euros for Grid Technologies (GT). Group net income was positive at 1582 ME, including the capital gain (1.7 MdE) on the sale of the stake in Siemens Ltd India (18% of the capital) to Siemens AG.

Siemens Energy has maintained its 2023/24 targets unchanged by division (gas services, grid technologies, transformation of industry), and also continues to anticipate organic growth in consolidated sales of between 3% and 7% and an EBITA margin before special items of between -2% and +1%.

Against this backdrop, Oddo BHF says it will be paying particular attention to 'management's responses to market trends at the start of this quarter, as well as to the timing of the resumption of Siemens Gamesa's participation in tenders for the 5X turbine'.

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