Jefferies and Goldman Lift Healthineers Targets as Imaging Rebound Meets a Cautious 2027 Outlook

Siemens Healthineers drew a fresh round of higher price targets on Monday, yet the shares headed the other way as a softer-than-expected outlook for fiscal 2027 took the shine off a strong fourth quarter.

Jefferies raised its target to EUR 55 from EUR 50 while keeping a Buy rating, with analyst Julien Dormois pointing to a fourth quarter that beat expectations. The decisive factor, in his view, was the massive recovery in the medical imaging business. That gives the bullish call a concrete operational anchor: whether imaging can keep underpinning the group's performance is what matters for the next leg of the valuation. Jefferies sees good conditions for exactly that and links the surprisingly strong quarter to the prospect of a higher multiple.

Goldman Sachs moved in the same direction but stopped short of a Buy. Analyst Richard Felton lifted his target to EUR 49 from EUR 43 and kept a Neutral stance, having revised his estimates and rolled his valuation base forward after the fourth-quarter report. The two houses thus pull in different directions: Jefferies emphasizes the operational surprise and the chance of a re-rating, while Goldman stays on the sidelines despite the higher mark.

LBBW also raised its target on Monday, according to media reports, lifting it to EUR 49 from EUR 42 and confirming its Buy recommendation. Both it and Goldman now name the same target, though their recommendations diverge. Other analysts had already moved on Friday and the day before, with new targets ranging from EUR 51.00 to EUR 55 and positive ratings left unchanged.

The stock's reaction told its own story. The shares were down 3.4% in Monday trading, and the cautious guidance for fiscal 2027 was seen as the likely drag. For that year, Siemens Healthineers expects adjusted earnings per share of EUR 2.20–2.40, against EUR 2.42 in fiscal 2026. Comparable revenue growth is guided at 4.0–5.0%, a range that Reuters reported came in below analyst expectations.

Management attributed the more conservative planning in part to continued weakness in China. Finance chief Jochen Schmitz said, according to Dow Jones, that the plan assumes a more cautious view of China, with a slight decline in revenue expected in both Imaging and Precision Therapy there.

The fourth-quarter figures published on Thursday showed comparable revenue growth of 5.9%, an adjusted EBIT margin of 15.9% and adjusted earnings per share of EUR 0.69. The annual report for fiscal 2026 is due on 25 November.

Alongside the operating picture, the ownership structure remains in focus. Siemens plans to initially hand over 30% of its Healthineers stake, with shareholders of both companies to vote on the move in February 2027. That adds a separate decision process to the investment case, though the main positive impulse from Monday's analyst notes remains imaging — a thesis that gains weight if the recovery holds.