Siemens upgraded to Outperform from Market Perform at Bernstein

Bernstein analyst Nicholas Green upgraded Siemens to Outperform from Market Perform with a price target of EUR 169, up from EUR 161. The analyst downgraded three European capital goods stocks and upgraded two. The firm recommends buying electricals, automation and software, and “major valuation disconnects,” funding them with machinery names. The second half of 2023 will see a “mini demand correction and tough comparatives,” so a “crystal-clear growth narrative is needed to outperform,” the analyst tells investors in a research note.