Macquarie also raised Siemens' target price to Rs 1,128 from Rs 811
Shares of Siemens gained as much as 1.4 percent after Macquarie upgraded the stock to "outperform" from "underperform" earlier.
The stock had fallen as much as 0.4 percent in early trade.
Macquarie also raised Siemens' target price to Rs 1,128 from Rs 811.
"Expect margin recovery to continue which would drive 13 percent earnings CAGR over FY18-21," Macquarie said in a research note.The international brokerage said it is valuing Siemens at a 10 percent premium to Cummins based on business diversification and large opportunity size.