Siemens Energy AG (ENR:GR) (SMEGF) PT Raised to EUR17.50 at CitiThe analyst commented: 'Increasing optimism around the business ex-SGRE and reports of a potential SGRE onshore order restart have supported ENR’s shares YTD. After an exceptionally good fiscal Q1, we expect a more ‘normal’ Q2. We forecast Q2 group orders of €8.57bn, revenues of €8.03bn, profit before SI of €46m (margin 0.6%), and FCF pre-tax of €62m. We still expect a FY24 guidance raise (potential FY24 guidance for comparable revenue growth of 8-10% and profit margin before SI of 0-2%). Our TP moves higher to €17.50, driven largely by cash flow phasing, but we reiterate our Neutral/HR rating. There is a lot to like in the former GP business. Grid is supported by strong growth tailwinds, while prospects elsewhere have been improving (Iraq MoU, UK/Germany tendering in Gas). However, though there appears to be some progress at SGRE, we still see plenty of work to get the business back to breakeven.'