Siemens "buy," target price raised

27.07.07 - Deutsche Bank

LONDON, July 27 (newratings.com) - Analyst Peter Reilly of Deutsche Bank maintains his "buy" rating on Siemens AG (SIE-EUR). The target price has been raised from ?120 to ?130.

In a research note published this morning, the analyst mentions that the company has reported its 3Q results largely in-line with expectations. Although Nokia Siemens Networks and Other Operations unexpectedly delivered negative results, the core industrial units generated results that were nearly in-line with expectations, the analyst say. The strategic price received by Siemens for VDO has largely offset the high prices paid for recent acquisitions, Deutsche Bank adds.