Although Siemens AG’s (Siemens) top-line was below our expectations, margins exceeded our estimate given lower-than-anticipated cost of goods sold. While we are likely to revise our margin estimate upwards in our next update report, on account of ongoing weakness in the developed economies manufacturing sector, at current price levels we maintain our HOLD rating for Siemens common stock. We will reassess our target price and rating in our 1Q 10 update report....

Siemens AG's (Siemens) top-line exceeded our expectations given better-than-expected performance of its Industry and Energy Sector. Adjusted net earnings were above our estimates given lower-thananticipated deprecation costs. Going forward, we expect weak demand in Siemens's end markets to result in the order backlog remaining weak over our 6-12 month investment horizon. Hence we maintain our HOLD rating over our investment…

Siemens AG (Siemens) reported y-o-y decline in top-line and earnings in 3Q 09, impacted by slowdown in end-market demand, particularly in the Industry sector. While revenues were in-line with our estimate, operating and net performance exceeded our expectations. However, we remain concerned over the impact of uncertain global economic conditions on the end-market demand for Siemens product-line over the near-to-medium term. Hence, we downgrade Siemens common stock from…