Siemens Energy Draws a Fresh Bull as Oddo BHF Turns Positive on the Stock

Oddo BHF moved Siemens Energy to "Outperform" from "Neutral" on Friday, keeping its price target at €175. The upgrade lands alongside a mixed round of target revisions from rival brokers, and with the shares closing the session at €131.60.

The split among analysts is instructive. JPMorgan lifted its target to €250 from €245 on Thursday while reaffirming "Overweight." Analyst Phil Buller pointed to strong quarterly results and a reassuring tone on the earnings call, and raised his operating profit estimates through fiscal 2029 by as much as 21%. Goldman Sachs went the other way on price, trimming its target to €200 from €212 on Friday but holding its "Buy" rating.

A Dividend Step-Up and a Nine-Billion-Euro Buyback

The backdrop is a company that has just laid out ambitious capital returns. On Wednesday Siemens Energy proposed a dividend of €2.30 per share for fiscal 2026, a sharp increase from €0.70 a year earlier. Management also announced share buybacks of up to €9 billion running through the end of fiscal 2030.

Those commitments rest on a strong set of numbers. Comparable revenue rose 15.5% to €44.2 billion in fiscal 2026, while orders climbed 18.8% to €68.1 billion. The order backlog stood at €164 billion. Profit before special items came in at €5.5 billion.

What 2027 Has to Deliver

Looking ahead, the company is guiding for comparable revenue growth of 14% to 16% in fiscal 2027, with the margin before special items expected to land in the same 14% to 16% range. Hitting those targets would give the buyback and the richer payout a firm foundation — and give the bulls something to point to as the debate over valuation continues.