UPDATE: Deutsche Bank Upgrades Siemens

According to a research report published this morning, Deutsche Bank has upgraded Siemens SI with a Buy rating. In the report, Deutsche Bank said, "Siemens has been disappointingly accident-prone in recent quarters, with sizeable losses on various contractual disputes. We think that this was partly due to an excessive focus on growth with inadequate focus on risks. We also think that this has been the main cause of the poor share price development and consequent depressed valuation. We see signs that the focus is shifting back towards profitability and are upgrading to Buy with a higher E85 TP." Siemens closed yesterday at $84.34.