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Siemens: Berenberg downgrades stock

( - On Friday Berenberg downgraded Siemens shares from "buy" to "hold", reducing its target price for them from 175 euros to 170 euros.

In a report, the analyst justifies his decision by the fact that the market forecasts established on the German industrial conglomerate will become "increasingly difficult to exceed".

"The Siemens equity case remains compelling on a multi-year view and the shares remain overly discounted versus the fair value of the underlying assets," the analyst said.

"But there is limited upside risk to near-term consensus estimates and the next leg of the re-rating story likely requires further portfolio action," he concludes.

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