Siemens downgraded to "hold"

18.03.08 - ING Financial Markets

LONDON, March 18 (newratings.com) - Analysts at ING Financial Markets downgrade Siemens (SIE) from "buy" to "hold." The 12-month target price has been reduced from ?116 to ?77.27.

In a research note dated March 14 and published this morning, the analysts mention that the company has announced charges of ?900 million. The analysts expect Siemens to set aside new provisions of ?1,200 million in FY08. While the SEC investigation in underway, the company?s project related-activities are likely to be under pressure, ING Financial Markets says.