NewsSiemens upgraded to "hold"
12.03.08 - LB Baden-Württemberg
LONDON, March 12 (newratings.com) - Analyst Michael Busse of Landesbank Baden-Württemberg upgrades Siemens AG (SIE) from "sell" to "hold," while revising his estimates for the company. The target price is set to ?83.
In a research note dated March 11 and published this morning, the analyst mentions that restructuring in the company?s Communication segment continues to exert pressure on earnings. The restructuring initiatives are, however, likely to lead to margin expansion for Siemens going forward, the analyst says. The upgrade in the rating follows the recent decline in the company?s share price, Landesbank Baden-Württemberg adds. The EPS estimate for 2008 has been reduced from ?10.77 to ?10.50. The EPS estimate for 2009 has been raised from ?6.62 to ?6.66.