New Delhi, Oct. 24 -- Despite nearly falling 20% in the last 1 month, domestic brokerage house Deven Choksey Research has initiated coverage on Siemens Energy India with a Buy rating and a target price of Rs.4,554, implying a potential upside of 72% from the last closing price of Rs.2,649.

The report said, "We assign multiple of 60x PE on FY28 EPS of 75.90 and arrive at TP of INR 4,554, implying 41% upside on Siemens Energy India Ltd. We have not factored HVDC into our TP, while new HVDC VSC orders and nuclear energy provide additional upside optionality."

The brokerage expects the power equipment maker to benefit from India's multi-year transmission investment cycle, rising electricity demand, renewable energy integration and expansion...