NewsSiemens "overweight," target price reduced
15.07.08 - J.P. Morgan Securities
LONDON, July 15 (newratings.com) - Analysts at JP Morgan maintain their "overweight" rating on Siemens AG (SIE), while reducing their estimates for the company. The target price has been reduced from ?100 to ?93.
In a research note published this morning, the analysts mention that the company is expected to outperform the sector going forward on account of the expanding Energy and Healthcare business and the group?s robust backlogs. The downward revision in the EPS estimates reflects a more conservative outlook for the Industry and the incorporation of the charges associated with additional efficiency initiatives announced in the previous week, the analysts add. The adjusted EPS estimates for 2008 and 2009 have been reduced from ?5.48 to ?5.02 and from ?7.32 to ?6.83, respectively.