Oddo BHF is maintaining its 'neutral' rating on Siemens Energy shares, with its target price raised from €14.5 to €22, after the company published better-than-expected quarterly results yesterday morning, thanks mainly to the Grid Technologies division.

Siemens Energy's quarterly sales reached 8.3 billion euros (up 3.7% on a comparable basis), while adjusted EBITDA came in at 170 million euros, compared with the consensus forecast of... 3 ME!

Siemens Energy has also raised its 2023/24 targets, and now anticipates organic growth in consolidated sales of 10-12%, compared with 3-7% previously.

Oddo BHF expects organic growth of 11.5% at consolidated level, including 32% for Grid technologies.

Visibility remains low on the risks associated with quality problems in the onshore business, although the fact that the Group has not identified any new problems is encouraging", concludes the broker.

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