HSBC analyst Michael Hagmann upgraded Siemens to Buy from Hold and raised his price target for the shares to 120 euros from 114 euros. With its "Vision 2020+," the analyst believes that before the end of the next decade, Siemens will largely consist of the constituents of Digital Industries, Smart Infrastructure and IIoT related activities such as Mindsphere & Digital Services as well as Siemens Integration Services and separately listed Siemens Healthineers. The Powerhouse and Mobility will just like Infineon become completely separate companies over time, Hagmann tells investors in a research note. He sees the Powerhouse spinoff as creating a "more focused group and an important medium-term catalyst."