Siemens Shares Fall 2.5% After BofA Maintains 'Underperform' Rating

s shares declined approximately 2.5% on June 20, 2025, trading at around Rs 3,203.70 per share, following Bank of America (BofA) Securities' reiteration of its 'underperform' rating. BofA set a target price of Rs 2,564, suggesting a potential downside of nearly 22% from the stock's previous close of Rs 3,284.80. The brokerage highlighted that Siemens, post its demerger with Siemens Energy, is trading at an expensive 56x FY27 valuation. It noted weak private capital expenditure impacting the core business, with growth primarily driven by public capital expenditure and mobility, despite execution challenges. BofA also pointed out pressure on Siemens' digital margin, with recovery hinging on growth in mobility and smart infrastructure. Siemens Energy, which surged on its market debut post-demerger, also saw a decline in trading.