Prabhudas Lilladher: Accumulate Siemens, Target Rs 3470

• Prabhudas Lilladher recommends 'Accumulate' for Siemens with a target price of Rs 3470.
• Mobility segment is a key growth driver, benefiting from strong order inflows in rolling stock, signaling, and locomotive deliveries.
• Smart Infrastructure sees strong orders from utilities, data centers, and commercial buildings, supported by localization and capacity expansion.
• Digital Industries is expected to bottom out, with medium-term growth improving due to private consumption-led capex recovery.
• Siemens is structurally well-placed to capture future T&D, industrial, and capex cycles due to strong order backlog and strategic focus.

Why It Matters: It gives an investment recommendation and target price for Siemens stock.