Oddo BHF maintains its 'outperform' rating on Siemens, with an unchanged target price of 196 euros.

The analyst reports that Siemens surprised negatively last week with a Q2 publication that fell short of expectations.

The Digital Industries (DI) division was particularly disappointing, not in terms of orders (-12% vs. css at -14%) but in terms of operating margin, which came in at 16.5% (vs. 17.5%), says the broker, who adds that "the 2nd disappointment was the Group's guidance, which was revised downwards for the DI division".

Against this backdrop, Oddo BHF's downward revisions are 'relatively limited', with EPS 2024 & 2025 lowered by 1.7% on average.


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