FRANKFURT (dpa-AFX) - Analyst praise drove Siemens shares to their highest level in three weeks on Monday. The Munich-based company's shares gained 3.4 percent to 178.46 euros after Alexander Virgo from Bank of America (Bofa) issued a buy recommendation. This brings the recent record high of almost 187 euros back into focus.

Virgo believes the shares are capable of much more with his price target of 210 euros. According to the expert, Siemens is bottoming out in the automation sector. With the improved prospects in this area, the company's valuation should also rise.

Virgo raised his estimates by up to 5 percent and is now slightly above the market consensus for the operating result for the 2025/26 financial year. He also attributes a higher valuation premium to Siemens shares compared to the industry.

In a recent industry study, the analyst team led by Mark Fielding from the Canadian investment bank RBC also maintained Siemens as one of the favorites./ag/mis