Neutral Siemens Ltd for the Target Rs. 3,300 by Motilal Oswal Financial Services Ltd

* We expect revenue to grow 8% YoY, led by improved traction in the smart infra and digital segments.
* Key monitorables include the demand trajectory of the digital industries segment, private capex pipeline, margin trajectory, and execution of the locomotive order.
* We expect EBITDA margin to expand ~120bp, on account of improvement in mobility, digital and low-voltage motors segment.
* Demand outlook from both the government and private sectors and export outlook are to be keenly monitored.
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