Berenberg cuts Siemens Healthineers to 'hold' on weak earnings visibility

Siemens AG

10/07/2026 08:21

** Berenberg downgrades Siemens Healthineers SHLG.DE to "hold" from "buy", saying the company's performance so far in FY 2025/26 has offered little visibility on earnings upgrades and limited catalysts for a re-rating  
** The brokerage says pressures from foreign exchange, tariffs, inflation and a soft Chinese market have not eased in recent years
** Imaging and precision therapy remain attractive, Berenberg says, but are likely to be overshadowed over the next 12 months by cost inflation, Siemens AG's SIEGn.DE planned partial spin-off and weakness in diagnostics
** It says the stock looks cheap as the company is valued at 11 times its EBITDA 2025/26 estimates, but lacks a clear 2026 re-rating catalyst
** "Beyond being 'cheap', we see few reasons to proactively own the shares at present," Berenberg says
** The stock is down 23.5% YTD

 (Reporting by Kira Britten)
 ((Kira.britten@thomsonreuters.com))