Citi Maintains 'Buy' Rating on Siemens (SI)
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Citi maintains 'Buy' rating on Siemens (NYSE: SI)
Citi analyst says, "Siemens have held a Sell side analyst briefing in Munich. Management affirmed its guidance for both 2008 and 2009. Income from continuing operations is to be at the same level in 2008 as 2007 (pre significant group change charges) and then sector operating profit is expected at €8-8.5bn in 2009. Revenue growth expected to remain at 2xGDP with order growth slowing from strong 12-14% level being achieved in 2008...We retain our Buy rating on Siemens with the internal cost actions on SG&A in particular providing a useful support to forecasts into a weaker economic outlook."
Siemens AG (Siemens) is engaged in electronics and electrical engineering. The majority of the Company’s business is focused on providing products and services to customers-based on Siemens’ expertise in electrical engineering.
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