Reduce Siemens India - Kotak

- Siemens reported Q4FY12 results much below our estimates on profitability front. Significant margin contraction in energy segment resulted in significant YoY EBITDA degrowth.

- The growth in Power T&D sector remained elusive. We believe that the sector is getting negatively affected due to delays in the commissioning of power projects.

- In view of downside from current levels, we maintain our 'REDUCE' rating on company's stock with DCF based target price of Rs 635 (Rs 650 earlier).

Source : Equity Bulls

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