Siemens upgraded to "buy"

11.02.09 - Deutsche Bank

LONDON, February 11 (newratings.com) - Analyst Peter Reilly of Deutsche Bank upgrades Siemens (SIE-EUR) from "hold" to "buy." The target price is set to ?60.

In a research note published this morning, the analyst mentions that the company?s resilient portfolio, comprising of energy and healthcare operations, make it one of the better stocks to be held. Siemens has the potential to reduce its gross costs by ?4 billion going forward, the analyst says. The cost savings are expected to be achieved through a cut in the company?s SG&A and supply chain initiatives, the analyst adds. The upgrade reflects the upside potential to the company?s share price, Deutsche Bank says.