Siemens Maps Out 2027 Split From Healthineers While Analysts Recalibrate Their Targets
Published on 11/14/2026 at 16:13 | Editorial boerse-global.de
Siemens intends to surrender its majority stake in Siemens Healthineers in May 2027, a move that would cap a restructuring the industrial group has been telegraphing for months. Reuters reported the timing, which hinges on shareholder approvals at two separate meetings: Siemens on 11 February and Siemens Healthineers on 18 February 2027. The joint spin-off report is scheduled for publication on 10 December.
The exit plan sits alongside a broader capital-returns story. Siemens proposed a dividend of €5.50 per share for fiscal 2026, up from €5.35 a year earlier. The company also kept buying back its own stock, repurchasing roughly 360,000 shares between 2 and 8 November, according to a capital-market notice published on Monday.
Growth Corridor Widened
On the operating side, Siemens lifted its medium-term target for comparable annual revenue growth to 7–11%, up from a prior range of 6–9%. It also raised its earnings-per-share goal before PPA to a double-digit figure. For fiscal 2027 specifically, management guided to comparable revenue growth of 9–11% and EPS before PPA of €10.20–10.80.
The fiscal 2026 scorecard, released on Thursday, showed revenue of €83.4 billion with comparable growth of 8%. Orders for the full year climbed to a record €108.2 billion.
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Siemens also signed an agreement on Tuesday to acquire Lauterbach, a German specialist in debug and trace tools, extending its hand in semiconductor design and verification.
A Split Verdict From the Sell Side
Analysts read the numbers in sharply different ways. Vertical Research downgraded the stock from "Buy" to "Hold" on Thursday with a €300 target, according to media reports. Evercore ISI went the other direction on price, lifting its target to €320 from €315 while keeping an "In Line" rating — a higher mark unaccompanied by any upgrade. Siemens shares slipped 0.2% in the prior session.
JPMorgan stood firm. After a virtual meeting with finance chief Veronika Bienert, analyst Phil Buller reiterated "Overweight" and a €345 target, pointing to strong end markets and market-share gains. In his view, the results underpin forecasts for fiscal 2027. Berenberg's Richard Dawson kept "Buy" and a €330 target on Thursday, citing better-than-expected fourth-quarter results and orders plus the raised medium-term guidance.
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Other post-results notes brought no fresh ratings or targets. The confirmed marks across those houses ranged from €280 to €330, spanning both buy and neutral recommendations.
Siemens will take its case on the road next, with a Boston–New York roadshow on 17–18 November, followed by Frankfurt on 25 November and Paris on 26 November.
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