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FRANKFURT (dpa-AFX Broker) - Siemens investors used the quarterly report to take profits on Thursday. The recent price rally came to an end for the time being. It had led the shares to a record high of 188.88 euros at the beginning of the week. The figures received mixed feedback and were therefore not enough to keep investors enthusiastic about the shares.

Comments on the market ranged from solid to mixed to disappointing. One trader described the report as "far from perfect" and therefore probably not enough to maintain the good run. Both the development in the major divisions and the individual key figures were mixed.

Although Siemens confirmed its targets at Group level, the company is becoming more pessimistic for its Digital Industries (DI) division. According to analyst Simon Toennessen from Jefferies Research, the sales development here was disappointing, but above all the lowered margin targets. The latter are likely to frustrate the optimists among investors, was his thesis. The FDI earnings margin is now expected to be between 18 and 21 percent, compared to 20 to 23 percent previously.

According to experts, the weak development in the DI segment, which Andrew Wilson from JPMorgan primarily linked to the automation business, was offset by the fact that the lower end of the sales and margin target ranges were raised in the building and infrastructure technology (SI) segment. In both cases, however, the adjustments to the targets did not really come as a surprise.

Following the key figures from Siemens Healthineers, it was already known that the medical technology subsidiary also contributed to the profit development in the industrial business, which was disappointing according to RBC analyst Mark Fielding. Earnings per share, on the other hand, were seen on the positive side, benefiting from a positive tax effect.

The sale of the motor and large gearbox division Innomotics, for which Siemens is receiving 3.5 billion euros from the US investment company KPS, was also mentioned positively. Gael de-Bray from Deutsche Bank, among others, considered this price to be above expectations, which had most recently amounted to three billion euros.

The setback on Thursday somewhat dampened the recently euphoric chart picture: The 21-day line, which counts as an indicator of the short-term trend, was undercut and the 50-day line was also recently on the brink on Thursday. The profit that the shares have made this year has now more than halved again to just 4.5%.

However, Siemens shares had already laid the foundations for the recent record-breaking run last year when the rally began in October. The share had gained up to 42 percent up to the provisional high on the last trading day in December alone, which amounted to around 170 euros. In mid-February and at the beginning of May, the share then embarked on two more winning streaks, which ended at just under EUR 190.

Investors were thus able to earn up to 58 percent within a few months with their Siemens shares, which together with SAP are considered the biggest heavyweights in the DAX. However, as the most valuable DAX company with 216 billion, SAP has a significantly higher market capitalization than the index runner-up Siemens with just under 142 billion euros./tih/nas/jha/

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