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Research Alert: CFRA Lowers Opinion On Adrs Of Siemens To Buy From Strong Buy
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Research Alert: CFRA Lowers Opinion On Adrs Of Siemens To Buy From Strong Buy
May 16, 2024 2:05 AM

04:40 AM EDT, 05/16/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price for SIE to US$107 from US$103 based on a forward EV/EBITDA of 12x. We have removed the previous discount in valuation as we foresee minimal negative surprises from Siemens Energy (SE) in the future after SIE stops the equity accounting for its remaining stake in SE. Q2 FY 24 (Sep.) net profit of EUR2.03 billion (-42% Y/Y) beats the consensus estimate of EUR1.71 billion. Orders received at EUR20.45 billion (-12% Y/Y) is also ahead of street estimate of EUR20.05 billion. Revenue was down 1% Y/Y as the Digital Industries (DI) segment automation business was affected by weaker demand from China. However, we expect a stronger performance in H2 FY 24 as China's China Manufacturing PMI has strengthened for the sixth consecutive month to 51.4 in April 2024, suggesting strong recovery in the country's economy. We increase FY 24 EPS to EUR5.50 from EUR5.49 and FY 25 EPS to EUR5.89 from EUR5.87. Given the current lower upside to our target price, we lower our opinion to Buy from Strong Buy.

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