Siemens downgraded to "sell"

08.10.08 - ING Financial Markets

LONDON, October 8 (newratings.com) - Analysts at ING Financial Markets downgrade Siemens AG (SIE) from "hold" to "sell." The target price has been reduced from ?84 to ?48.

In a research note published this morning, the analysts mention that the company?s stock is trading at a 17% premium to that of its peers, which is and the stock valuation is significantly expensive. The consensus forecasts for Siemens are too high and the company?s mid-term operational performance is likely to be lower than previously expected, the analysts say.