Siemens AG - ADR (SI) - Bull of the Day

We are upgrading our Neutral recommendation on Siemens (SI) to Outperform with a $121 target price. Revenue and orders both increased year-over-year in the third quarter of 2010.

Revenue also increased sequentially for the second quarter in a row. The order backlog for all sectors hit 89 billion at the end of the third quarter. The company's pension plan continues to be in an underfunded status.

Our long-term Outperform recommendation on the stock indicates that it will outperform the broader U.S. equity market over the next six to twelve months. Our target price is $121.00 or 12.97X 2011 EPS, which is well within the historical range.
 
SIEMENS AG-ADR (SI): Free Stock Analysis Report
 
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