Oddo BHF reaffirms its 'outperform' rating and 220-euro price target on Siemens, the day after an investor day (CMD) focused on the Smart Infrastructure division (28% of Siemens sales and 33% of industrial profit).

Judging the targets set to be credible, the research firm believes that Smart Infrastructure 'should remain the biggest contributor to the Group's results for at least another two years (first time in 2024), if not longer'.

'We also believe that the Group should benefit in 2025 from a gradual improvement in its momentum in the digital industries division, with demand for discrete automation expected to improve from the second half of the year', it continues.

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