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Siemens: UBS still a buyer

(CercleFinance.com) - UBS has confirmed its buy rating on the Siemens share, along with its target price of 120 euros after the conglomerate announced a number of top management appointments.

Yesterday, Siemens decided that its boss, Joe Kaeser, would soon be flanked by a deputy-CEO, Roland Busch. This comes at a time when Mr. Kaeser's term of office is drawing to a close in 2021 and that his successor should be appointed in the summer of 2020. In addition, Michael Sen has been appointed as head of the new entity grouping Siemens' energy and electrical businesses, which could soon be floated.

UBS was not expecting such early moves within the group's top management, although notes that, in the run-up to 2020, "Roland Bush's appointment as deputy CEO highlights and reinforces Siemens commitment to and focus on its reorganisation and the importance of industrial digitalisation for the group into the future."

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