Siemens "buy"

11.01.08 - Dresdner Kleinwort Wasser.

LONDON, January 11 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "buy" rating on Siemens AG (SIE). The target price is set to ?125.

In a research note published this morning, the analysts mention that the company?s stock has outperformed that of its peer group over the past three months. The outperformance has been driven by Siemens? ?10 billion share buyback programme, the company's decent end-market exposure, high liquidity and new management, the analysts add. Siemens? FYO8 results are expected to reflect the ?4.5 billion VDO capital gain, offset by the restructuring charges for the company?s ongoing cost cutting programme, besides charges related to the bribery investigation, Dresdner Kleinwort says.