Siemens Ltd. share price declined to one-month low on Monday as Nuvama downgraded the stock rating and cut target price after flagging challenges to its growth in near term. The brokerage downgraded the rating to 'Hold' and cut target price to Rs 7,000, which implied 8.18% downside of 8.28% from Friday's closing price.
Nuvama downgraded as it sees challenges for Siemens to get bulk orders in high-voltage current and Railways segment going forward. The company is going to focus on voltage source converters space, which crashes with India's preference for line–commutated converters, Nuvama said in a note. This renewed focus on an unpopular area has likely reduced total addressable market for Siemens.
Moreover, Siemens is going to capital expenditure going forward.
Siemens declined 2.30% to Rs 6,711.15, the lowest price since Nov 22. It was trading 1.65% down at Rs 6,755.70 as of 09:46 a.m., as compared to 0.68% advance in the NSE Nifty 50 index.
The stock gained 68.90% in 12 months, and 68.21% on year to date basis. Total traded volume so far in the day stood at 0.37 times its 30-day average. The relative strength index was at 30.41.
Out of 26 analysts tracking the company, 14 maintain a 'buy' rating, six recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.8%.
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