Siemens "sell," target price reduced

14.11.08 - ING Financial Markets

LONDON, November 14 (newratings.com) - Analysts at ING Financial Markets maintain their "sell" rating on Siemens AG (SIE). The target price has been reduced from ?48 to ?35.

In a research note published this morning, the analysts mention that although the company has reported in-line 4Q08 results, they were not very promising. Siemens has announced that it would be difficult to achieve its previously announced income targets for 2009 in the current market conditions. The company?s current stock valuation is high, as compared to that of its peers, the analysts add.