Siemens Energy's AI-Fueled Backlog Sparks Analyst Rally, But One Outlier Cries Overvaluation
14.05.2026 - 06:01:26 | boerse-global.de
A wave of price target upgrades has swept across Siemens Energy following its latest quarter, but the consensus is far from unanimous. JPMorgan led the charge, lifting its target to €225 from €200, while Goldman Sachs followed with an increase to €212 from €185. Yet Barclays remains unmoved, sticking to an "Equal Weight" rating and a target of €110 — a full 38% below the current share price. The divergence underscores a debate around how much of the company's transformation is already priced in.
The catalyst for the bullish revisions lies in a towering order backlog that has reached an unprecedented €154 billion. Order intake surged nearly 30% to €17.7 billion in the second fiscal quarter, propelled by surging demand from U.S. data centres building out capacity for artificial intelligence. Gas Services, the division most exposed to this trend, alone booked almost €9 billion in new business. Revenue rose almost 9% to a level that left net profit at €835 million, while the long-troubled wind turbine unit Siemens Gamesa narrowed its operating loss to just €44 million from nearly €250 million a year earlier.
That improvement has prompted management to raise its full-year revenue growth forecast to as much as 16%. In November, the group will unveil updated medium-term targets stretching to 2030 — a timeline that analysts expect will centre on the restructuring of Gamesa and the strong tailwinds in grid technology. Goldman Sachs analyst Ajay Patel linked his upwardly-revised price target directly to that upcoming event, arguing it should provide further upside to market forecasts.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Deutsche Bank Research also chimed in, hiking its target to €200 from €195 and raising earnings estimates through 2028 by an average of 2%. Berenberg matched the €200 level with a Buy rating. On the other end of the spectrum, Bernstein Research kept its "Outperform" call but set a far more cautious target of €150, lauding order development and expanded share buybacks while acknowledging valuation constraints. mwb research went further, issuing a Sell recommendation on the grounds that operational strength is already discounted by the market.
The stock closed at roughly €178 on Wednesday, about 5% below its 52-week high of €188. The 200-day moving average stands at just under €129, meaning the current price trades more than 38% above that level — a sign of how far the recovery has run in recent months. Over twelve months, the shares have more than doubled, gaining 141%, and are up 45% since the start of the year. The next catalyst on the immediate horizon is the third-quarter earnings report due on 5 August. Until then, the market will be weighing whether the order book momentum can sustain the rally — or whether the lone skeptics are right to hold back.
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