Siemens AG last = 110 EUR 1w: -2.6 (-2.3%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)2.7%8.2%---
Upside (Bull Case)2.7%8.2%---
Downside (Bear Case)-----
[Neutral]

Siemens generates 21% of Sales from Power (gas and wind), where is observed pressure on price/margins. In 2018 I expect reduction in earnings, due to FX, Power Generation and investments, so Siemens now trades at a discount to most of its peers. But in 2019 Company may have less FX pressure, some savings in Power Generation and continued growth in Digital Factory.