HSBC has confirmed its 'buy' recommendation on Siemens Energy shares, with a target price raised from €99 to €108, due to a higher valuation multiple for its peer GE Vernova, while its estimates remain unchanged.

In Q3, there were no changes in demand patterns that led to the upward revision of the 2025 forecast with the release of Q2 results, the broker said.

The robust underlying trends in gas and the network, as well as the gain in offshore wind contracts, enabled strong positive growth in orders in the third quarter, HSBC summarised about the German group.


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