Siemens: Jefferies raises TP

(CercleFinance.com) - Jefferies confirms its 'buy' rating on Siemens shares, with a target price raised from E230 to E261, believing that despite a sharp rise in the share price, the market continues to underestimate the cyclical recovery in automation.


The broker includes in its model DI (digital industries) orders 4% and 5% above consensus for fiscal 2025 and 2026, which it believes implies that automation volumes will reach pre-Covid levels in 2026.

It also expects DI margins to reach 21% in 2026 (vs. 19.8% in consensus), and raises its adjusted EPS expectations by 2%/5% for 2025/2026, which means EPS 2025 2% above the upper limit of the German group's targets.


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