UPDATE: Deutsche Bank Downgrades Siemens to Sell; Restructuring Fails to Impress

Deutsche Bank reduced its rating on Siemens

from Hold to Sell. Deutsche Bank noted, "The headlines of Siemens' latest restructuring plan are impressive but we were less convinced by the detail. We think that the primary issue is the portfolio. Siemens has attractive world-class assets but also has businesses that it would probably not buy today if it did not already own them. We also think the 12% FY14 target is very ambitious. Even if Siemens does achieve 12%, FY13 is likely to be a difficult year with charges and execution concerns exerting downward pressure on the multiple. We are downgrading to Sell for both strategic and valuation reasons." Siemens closed at $100.00 on Tuesday.