Barclays and LBBW Turn Bullish on Healthineers as Diagnostics Spinoff Takes Shape
Published on 11/10/2026 at 16:31 | Editorial boerse-global.de
Two brokers moved their price targets for Siemens Healthineers higher within a day of each other, yet they landed on opposite sides of the buy-sell divide. Barclays lifted its target to €51 from €47.50 on Friday while keeping an "Overweight" rating, and LBBW raised its own target to €49 from €42 with a buy recommendation intact. Goldman Sachs, for its part, went from €43 to €49 but stayed "Neutral."
The split is instructive. All three houses now see more upside in the shares than they did before the company's fourth-quarter report, but only two of them are telling clients to act on it. Goldman analyst Richard Felton refreshed his estimates against the Q4 figures and rolled his valuation base forward — a mechanical recalibration rather than a change of heart on the stock.
Investors greeted the round of revisions with a modest bid. The shares were up 0.2% at €43.30.
Should investors sell immediately? Or is it worth buying Siemens Healthineers?
A Quarter of Two Halves
The results that prompted the reassessment were mixed. Comparable revenue growth for the fourth quarter of fiscal 2026 came in at 5.9%, and the adjusted EBIT margin reached 15.9%. Diagnostics was the weak spot, with comparable sales there falling 4.2% — a decline that helps explain why management is preparing to separate the unit rather than keep fixing it inside the group.
For fiscal 2027, Siemens Healthineers has guided to comparable revenue growth of 4.0% to 5.0%. Adjusted undiluted earnings per share are projected at €2.20 to €2.40, a range that sits below the €2.42 booked in fiscal 2026, when the adjusted EBIT margin stood at 16.2% and revenue growth was 4.0%.
Carve-Out Comes With a Cost
The separation of the in-vitro diagnostics business, announced roughly a week ago, will create a standalone company to be called Olyrian Diagnostics, with completion targeted for mid-2028. Reuters reports that the restructuring carries savings targets of €400 million at Olyrian and at least €300 million at Siemens Healthineers. Finance chief Jochen Schmitz has acknowledged that the measures will affect jobs.
Against that backdrop, the bulls are looking past the softer 2027 profit guide and toward a leaner group once diagnostics is off the books. The neutral camp is content to mark its numbers to the new base and wait.
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