UPDATE: Deutsche Bank Downgrades Siemens to Hold on Deteriorating Industrial Outlook

Deutsche Bank downgraded its rating on Siemens

from Buy to Hold. Deutsche Bank commented, "We think that the industrial outlook is getting gloomier. The September IFO manufacturing expectations fell to a new four-year low of 19.6, which suggests that German industrial production is likely to contract in the coming months. We are cutting our net income forecasts by 8-9% but DB EPS falls by less than this (5-6%) due to the €3bn share buyback. The main drivers are weaker macro assumptions and higher corporate costs. FY2013 guidance is likely to be cautious; we expect €5.0-5.5bn, i.e. minimal growth over FY2012." Siemens closed at $100.45 on Wednesday.