UPDATE: Morgan Stanley Reiterating Overweight Rating on Siemens

In a report published on Friday, Morgan Stanley analyst Ben Uglow reiterated an Overweight rating on

and a price target of $122.38. In the report, Morgan Stanley noted, "Irrespective of EPS momentum, we see Siemens market capitalisation of ~€68bn as punitively low versus FY14e sales >€80bn– our SOTP-based value for the equity is €79.0bn (€93/share), implying 17% upside. We believe the decision to divest 80.5% of Osram is strategically sound". Siemens closed on Wednesday at $101.50.