Siemens (SI) Continues Bounce on Analyst Upgrade, G-7 Intervention
Tweet
Share
E-mailGet Alerts SI Hot Sheet
Join SI Premium – FREE
Siemens AG (NYSE: SI) shares are up pre-market today, following an upgrade by Deutsche Bank from Hold to Buy, with a price target of €110.
Deutsche last made a call on Siemens in September 2010, downgrading the shares to Hold at the time. The stock has moved about 43% northward since that call.
Siemens sold to a close of 125.66 yesterday, following a 3.6% drop to a new 52-week low of $118.20 for the German tech company, as they mulled the potential to drop GSM from their €1.2 billion proposed acquisition of assets from Motorola Solutions (NYSE: MSI).
Shares could also be seeing upside following the first intervetntion by G-7 to curb the rapid rise of the yen following a massive earthquake and subsequent aftershocks that sent Japan into a nosedive late last week and into this week. This is the first time that the G-7 has intervened since 2000, when they aimed to buoy the euro in its second year. A statement from the Group read in part: "In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the U.S., the U.K., Canada and the European Central Bank will join with Japan, on March 18, in concerted intervention in exchange markets." A bounce in equities overall may be in store as volatility is brought back under control.
Siemens is up 4.4% ahead of the bell today.
Deutsche last made a call on Siemens in September 2010, downgrading the shares to Hold at the time. The stock has moved about 43% northward since that call.
Siemens sold to a close of 125.66 yesterday, following a 3.6% drop to a new 52-week low of $118.20 for the German tech company, as they mulled the potential to drop GSM from their €1.2 billion proposed acquisition of assets from Motorola Solutions (NYSE: MSI).
Shares could also be seeing upside following the first intervetntion by G-7 to curb the rapid rise of the yen following a massive earthquake and subsequent aftershocks that sent Japan into a nosedive late last week and into this week. This is the first time that the G-7 has intervened since 2000, when they aimed to buoy the euro in its second year. A statement from the Group read in part: "In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the U.S., the U.K., Canada and the European Central Bank will join with Japan, on March 18, in concerted intervention in exchange markets." A bounce in equities overall may be in store as volatility is brought back under control.
Siemens is up 4.4% ahead of the bell today.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- The Counter-Drone Technology Gap That Is Leaving Agencies Blind to the Fastest-Growing Threat
- Raymond James slaps Street-high $800 target on SpaceX, implying 440% upside
- Inventurus Knowledge Solutions completes TruBridge acquisition at $26.25 a share
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
Deutsche Bank, European Central BankSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
