UPDATE: Societe Generale Downgrades Siemens to Hold on Outlook

Societe Generale reduced its rating on Siemens

from Buy to Hold. Societe Generale noted, "We downgrade our rating from Buy to Hold because: 1) We fear that expectations are too high ahead of the new company programme to be unveiled on 8 November. 2) We expect most of the initiatives announced to simply enable the group to deliver on the commitments of the ‘One Siemens' framework, which is likely to remain unchanged, with no increase in the EBITDA margin targets by sector." Siemens closed at $98.68 on Thursday.