Siemens Message Board - Msg: 20222739

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Technology Stocks : Siemens

SI 15.11

-0.9%

Dec 4 3:57 PM EST

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To: elmatador who started this subject	6/15/2004 10:52:34 AM
From: elmatador	of 356

Siemens "overweight" Tuesday, June 15, 2004 9:00:59 AM ET J.P. Morgan Securities LONDON, June 15 (New Ratings) – Analysts at JP Morgan Securities maintain their "overweight" rating on Siemens (SIE.ETR). The target price is set to €72. Siemens is a leading electronics and industrial equipment manufacturer. According to JP Morgan Securities’ research note published this morning, Siemens’ growth continues to be driven by its product businesses. The company’s turnkey projects, however, continue to be characterized by overcapacity and pricing pressures, the analysts add. Siemens expects to benefit from the improving infrastructure market and the increasing demand for TDS-CDMA in China. The ramp-up of the new 65 series of handsets is likely to restrict Siemens’ profitability in the near-term, according to JP Morgan Securities. Siemens expects to benefit from increased demand for power transmission and distribution products and the company’s recent US filter acquisitions. The company may make further acquisitions in the water segment, the analysts mention. The company aims to reduce its costs by 30% through negotiations with unions to adjust the employment terms. JP Morgan Securities maintains its "overweight" rating on Siemens.

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