In a note issued this morning, Berenberg confirms its 'buy' recommendation on Siemens, with a price target raised from 170 to 180 euros, following the conglomerate's better-than-expected quarterly results and better-than-expected forecasts for 2024.

Siemens continues to deliver on its promises and embodies the assurance of sustainable growth at a time when the stock is trading at unprecedented discounts to its peers", Berenberg points out.


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