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Siemens shares fell more than 2 percent intraday after Deutsche Bank has retained its sell rating on the stock and slashed target price to Rs 1,030 (from Rs 1,100 per share) as valuations remain elevated at 42x PE for March 2019.
FY17 orders are strong, but outlook is still concerning, the research house said, adding the opportunity size remains stagnant for FY18 over FY17.
Deutsche also cut order inflow assumption by 3/7 percent for FY18/19 and reduced revenue growth estimate by 4.5/3.8 percent for FY18/19.
Brokerage house Edelweiss, too, trimmed FY18/19 EPS 3 percent each factoring in muted Q4, while maintaining hold rating on the stock with reduced target price at Rs 1,400 (from Rs 1,450 earlier).
The Reserve Bank of India is likely to leave interest rates unchanged at its December policy meeting and through the end of next year, despite expectations that inflation will breach its 4 percent target in the next few months, a Reuters poll showed.
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