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Siemens Healthineers remains a high-conviction BUY with a reiterated €48/share price target, reflecting strong Imaging and Precision Therapy segments. I exclude Chinese recovery from my base case; growth is now driven by ex-China Imaging and Varian, with diagnostics seen as structurally impaired. 3Q26 results confirmed robust order momentum (1.3x book-to-bill), and margin strength (19.1%), and EPS guidance raised to €2.45, though tariff refunds contributed.