Siemens Energy shares recover as Goldman dubs reaction to turbine problems ‘excessive’

Shares in Siemens Energy recovered some losses on Tuesday after Goldman Sachs analysts kept a “buy” rating on the stock and said the massive sell-off following the disclosure of problems at its wind turbine division was overblown.

The company’s shares were up 1% at 0739 GMT. They had fallen more than 37% on Friday after the company withdrew its 2023 profit outlook, citing failure rates at its newer onshore wind turbine models that will cost more than 1 billion euros ($1.1 billion) to fix.

“We remain Buy-rated as we believe there has been an excessive negative market reaction over the past several days which leaves Siemens Energy shares deeply discounted,” Goldman Sachs analysts wrote.