Siemens "overweight," target price reduced

14.08.07 - J.P. Morgan Securities

LONDON, August 14 (newratings.com) - Analyst Andreas Willi of JP Morgan maintains his "overweight" rating on Siemens (SIE-EUR), while reducing his estimates for the company. The target price has been reduced from ?113 to ?110.

In a research note published this morning, the analyst mentions that the company could sell assets worth ?15 billion and return at least ?8 billion to shareholders in the near term. The adjusted EPS estimates for 2007 and 2008 have been reduced from ?5.17 to ?4.94 and from ?6.99 to ?6.67, respectively, to reflect the significant deterioration at Nokia Siemens Networks.