Siemens "buy"

12.12.06 - Dresdner Kleinwort Wasser.

LONDON, December 12 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "buy" rating on Siemens (SIE). The target price is set to ?82.

In a research note published this morning, the analysts mention that the document recently released on the company's website indicates that the restated IFRS net income for FY06 has risen by ?300 million to ?26 billion. The company's equity, however, declined by ?3 billion on account of post-employment benefits and deferred taxes, the analysts say. The document also indicates that further redundancy charges of ?313 million were taken primarily for SBS.