Siemens initiated with "hold"

14.11.06 - ING Financial Markets

LONDON, November 14 (newratings.com) - Analyst Michel Marguier at ING Financial Markets initiate coverage of Siemens (SIE-EUR) with a "hold" rating. The 12-month target price is set to ? 81.

In a research note published this morning, the analysts mention that the company has always generated low and disappointing operating margins, despite robust like-for-like growth. The analysts believe, however, that significant operating margin expansion, resulting from Siemens? recent strategic moves, is likely to become a key catalyst for the company?s share price.