(new: prices and market capitalizations)

FRANKFURT (dpa-AFX) - The excitement over Siemens' upgraded earnings forecast did not last long. As a result, the Munich-based technology and industrial giant was unable to maintain its position as the most valuable company in the DAX, ahead of SAP. By the close of trading, the Walldorf-based software maker was back on top, as Siemens' hefty share price gains had almost completely evaporated by the end of the session.

By midday, Siemens shares had surged nearly 8 percent to a record high just below €276. This pushed the company's market capitalization to around €219 billion. However, by the end of the day, only a modest gain of 0.3 percent remained, shrinking the market value to €205.6 billion. Since the start of the year, though, Siemens still boasts a 7.5 percent increase.

SAP, which rose 0.4 percent on Thursday to €169.70, achieved a market capitalization of €208.5 billion. The stock had recently been weighed down by concerns over potential threats from artificial intelligence, resulting in a year-to-date decline of 18.6 percent. Since its record high a year ago, the share price has even lost more than a third of its value.

RBC analyst Mark Fielding raised his estimates following the Siemens earnings call, upping his price target from €245 to €270 while maintaining his neutral rating on the stock. "Siemens exceeded expectations for its industrial business by 10 percent in the first fiscal quarter, with stronger margins in the Digital Industries (DI) and Smart Infrastructure (SI) segments," he noted. Projections for the full fiscal year also suggest both divisions are trending toward the upper end of their target ranges.

Analyst Rizk Maidi from Jefferies highlighted that, like competitor ABB, Siemens had secured higher order intake in the data center segment, which in turn significantly boosted order numbers in the SI division. Additionally, order intake in the DI segment increased, supported by robust growth in automation in China and solid software growth.

Siemens has now raised its target range for annual earnings per share before certain purchase price effects—the company’s key profit metric—to between €10.70 and €11.10. Previously, an increase to between €10.40 and €11.00 had been forecast. However, Maidi considers this "conservative" with regard to the midpoint of the range. Analyst Daniela Costa from Goldman Sachs expects consensus earnings for 2025/26 to now rise by a low single-digit percentage./ck/he