UPDATE: Deutsche Bank Upgrades Siemens on Unclear Future

In a report published on Monday, Deutsche Bank analyst Peter Reilly upgraded Siemens (NYSE: SI) from Sell to Hold and raised the price target from $70 to $75.

In the report, Deutsche Bank stated, "As we get closer to FY2014, we expect the market to look through FY2013, which is proving to be a rather messy transition year. The exits from Osram and NSN will make Siemens simpler to value but the future shape and investment needs of the Infrastructure & Cities sector remain unclear."

Siemens closed on Monday at $103.75.