Siemens "hold," target price reduced

19.11.08 - Deutsche Bank

LONDON, November 19 (newratings.com) - Analysts at Deutsche Bank maintain their "hold" rating on Siemens (SIE-EUR). The target price has been reduced from ?70 to ?65.

In a research note published this morning, the analysts mention that the company has reported disappointing 4Q08 results. Siemens? free cash flow levels are expected to decline to zero in FY09, the analysts say. The company?s stock is expected to trade lower than its fundamental value going forward due to the deteriorating macro outlook, integration risk and ongoing investigations facing the company, Deutsche Bank adds.