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Investing.com - Deutsche Bank (ETR:DBKGn) has raised its price target on Siemens AG (ETR:SIE) (OTC:SIEGY) to €220 from €215 while maintaining a Hold rating on the German industrial giant.
The bank cited several factors affecting its outlook, including greater-than-anticipated dilution from Siemens (ETR:SIEGn)’ acquisitions of Altair and Dotmatics, as well as increased minority interests following the sale of a 2% stake in SHL.
Deutsche Bank noted that Digital Industries performance was disappointing this quarter, while its analysis shows Siemens’ market share in the Chinese automation market remains relatively stable despite sluggish market conditions in Europe.
The overall recovery in automation orders is proving less robust than initially projected, according to the bank’s research, with dilution from the Altair and Dotmatics acquisitions higher than expected.
Siemens shares rose last week over a potential ceasefire in Ukraine, resulting in what Deutsche Bank describes as an elevated valuation, with a 2026 estimated EV/EBITA of 16.4x and a P/E of 21x.
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