Siemens: No Attractive Entry After Q2 2026 At This Valuation
Siemens is fundamentally strong but currently trades at a significant valuation premium, well above its historical P/E multiples. I maintain a €175/share price target and rate SIEGY a 'Hold,' citing overvaluation and exuberant growth expectations post-2Q26. Key risks include structural Chinese market exposure, margin pressures in DI, and moat erosion from competitors like Schneider and Rockwell.