Metzler Updates Siemens Model on 'More Constructive' View on Margin Trends; Buy Rating Kept

05:48 AM EDT, 08/19/2026 (MT Newswires) -- Metzler Capital Markets revised its model for Siemens (SIE.F), adjusting its price target and earnings forecasts to account for stronger margin trends in the German technology group's digital industries and smart infrastructure businesses. "We raise our adj. EBITA estimate by 3% for FY26e, and by 5% for both FY27e and FY28e, mainly reflecting a more constructive view on margins in Digital Industries and Smart Infrastructure. Our new FY26e EPS [pre-purchase price allocation] forecast of EUR 11.54 is above the upper end of Siemens' guidance range of EUR 11.20-11.50. With these changes, we increase our price target from EUR 310 to EUR 320 and maintain our BUY recommendation," the research firm said Wednesday. While positive order, sales and margin momentum are already partly priced in the company's share price, analysts noted that they still see upside potential if Siemens continues to execute on anticipated improvements in digital industries and smart infrastructure. Metzler forecasts Siemens' fiscal 2026 sales of 82.92 billion euros, an adjusted EPS of 10.76 euros and a dividend per share of 5.50 euros.