UBS has upgraded Siemens India to 'Buy' from 'Neutral', setting a price target of ₹8,000, indicating a potential upside of 38%. The firm cites favorable risk-reward dynamics, resilience in orders and earnings, and a diversified business mix, despite recent derating linked to muted government capex. Currently, 16 out of 26 analysts recommend buying the stock, which has seen a 12% decline year-to-date.