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STOCKS NEWS EUROPE-Siemens seen up on UBS upgrade to "buy"

Reuters - UK Focus

Shares in Siemens are indicated to rise 0.5 percent, putting them among the top gainers on Germany's blue-chip DAX index, according to pre-market data, as traders cite a note from UBS (Xetra: UB0BL6 - news) which lifts its recommendation on the stock to "buy" from "neutral", seeing upside potential following a weak year-to-date performance.

"Since the start of the year the stock has underperformed the market and the sector by about 7 percent, and with several potential catalysts ahead, we think now is the time to buy back into the shares," UBS analysts say in a note.

They add that they see Siemens' announcement of a new strategy, due on May 8, as a key trigger for the engineering group's stock. Shares in Siemens have declined by 4.4 percent so far this year, after gaining 25 percent in 2013.

Reuters messaging rm://maria.sheahan.thomsonreuters.com@reuters.net