Bank of America analysts see significant upside potential in Siemens Healthineers ahead of its full-year results on Feb. 5, as one healthcare investor pointed to the German medical technology group's "compelling" product portfolio. BofA reiterated its Buy rating in a note this week, setting a 65 euro price target for the stock — a 38.4% upside from the current level of 46.97 euros per share. "We continue to like Siemens Healthineers," analysts Julien Ouaddour and Anna Ratcliffe said Tuesday, pointing to what they described as an "unprecedent" product cycle across advanced therapies, photon-counting CT, and the company's radiation oncology subsidiary, Varian Medical Systems. They added that the stock's momentum is supported by several structural growth drivers, including the rise of radiopharmaceuticals, where Siemens Healthineers is seen as a key beneficiary. Shares in the Erlangen, Bavaria-headquartered company — which spun out of German engineering multinational Siemens AG in 2017 — have gained 4.7% since the start of 2026, and are up 6.4% over the past month. SHL-DE YTD mountain Siemens Healthineers. Kaspar Hållsten, a portfolio manager at Rhenman & Partners Asset Management, a Stockholm-based global healthcare-focused hedge fund, described Siemens Healthineers as "one of the more attractive large-cap medtech companies in Europe," pointing to its "compelling" product portfolio and strong long-term pipeline. "The company has the potential to compound over time and could ultimately trade at a higher multiple, especially if U.S. investors become more eager to build positions," Hållsten told CNBC in an email. Yet some near-term pressures remain. In November last year, Siemens AG announced it was selling 30% of its stake to shareholders, reducing its holding to about 37% as part of a longer-term deconsolidation plan. BofA said uncertainty around the exit, as well as lingering tariff and foreign exchange pressure, could limit share price appreciation and dent profits. Hållsten said 2026 is seen as a transition year for the company, with "meaningful relief" unlikely to materialize before the second half of the year. He said the current limited free float and concentrated ownership structure remain key constraints. "While Siemens AG's planned share spin-off or a potential Diagnostics divestment could increase the free float and improve liquidity over time, the outcome and timing remain to be disclosed," said Hållsten. "An increase in the free float could lead to temporary selling before broader interest." He added: "Beyond the transition year, management reiterated its ambition to deliver double-digit adjusted EPS growth in the mid-term through 2030, reinforcing the attractiveness of the long-term investment case for patient investors."
