Pause for Breath, Siemens Upgrades

J.P. Morgan reports an improving outlook for the European Industrials sector, led by a structural capex upcycle in data centers and automation that has prompted an upgrade for Siemens.

Key Takeaways

• 1.Siemens has been upgraded following strong results in data center exposure and industrial automation recovery.
• 2.Geopolitical risks in the Middle East and Ukraine persist, but the general industrial outlook is showing signs of improvement.
• 3.Order momentum for Mining OEMs is improving, with FLSmidth specifically cited as a top pick.

Table of Contents

• In Focus Today
• Pan European Industrials Research
• Global Industrials Research
• Global Macro Research
• Save the Date: J.P. Morgan Events
• J.P. Morgan Industrials Contacts

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