Siemens "neutral," target price reduced

28.09.06 - J.P. Morgan Securities

NEW YORK, September 28 (newratings.com) - Analysts at JP Morgan maintain their "neutral" rating on Siemens (SIE-EUR). The target price has been reduced from ?78 to ?76.

In a research note published this morning, the analysts mention that Siemens and Rockwell Automation are increasing their foothold into process industries, which is likely to result in above-average growth for both companies. Siemens has increased its focus on the US industrial markets over the last few years and appears to be progressing well in the market, the analysts say. The downward revision in the target price reflects high net debt at SFS, JP Morgan adds.