Siemens upgraded to "overweight" - update

29.01.07 - J.P. Morgan Securities

LONDON, January 29 (newratings.com) - Analysts at JP Morgan upgrade Siemens AG (SIE-EUR) from "neutral" to "overweight," while raising their estimates for the company. The target price has been raised from ?84 to ?89.

In a research note dated January 26 and published this morning, the analysts mention that the company?s stock is trading at about a 20% discount to that of its peers. Siemens has reported its 1Q results ahead of expectations, the analysts say. The adjusted EPS estimates for 2007 and 2008 have been raised by 2% and 6%, respectively.