Motilal Oswal: Neutral Siemens, cuts target to INR3,250

• Motilal Oswal maintains a 'Neutral' rating on Siemens with a revised target price of Rs 3,250.
• Siemens shows healthy growth in smart infrastructure and potential for improved revenue/margin in mobility.
• Uncertainties include the timing of government orders (railways) and private capital expenditure revival.
• Estimates for FY26E-FY28E were cut by 1-4% due to lower margins in digital industries.
• Expected revenue/EBITDA/PAT CAGR of 11%/13%/8% respectively over FY24-FY28.

Why It Matters: It informs investors about Siemens' stock rating and target price from Motilal Oswal.