FRANKFURT (dpa-AFX) - Siemens shares were among the biggest losers in the DAX on Friday after a cautious analyst opinion. Bank of America (Bofa) gave up its buy recommendation; investors continued to take profits after a year-end rally as in the days before. On Friday, the Siemens share price fell by 2.3 percent to 158.70 euros by lunchtime. Since the record high of just over 171 euros at the beginning of the year, it has now fallen by more than seven percent.

After the recent above-average share price performance compared to the European capital goods sector, it is time to take a breath, the analysts wrote in their study.

Siemens shares had gained around 43 percent in value since their low in October, while the Stoxx Europe 600 Industrial Goods & Services sector index had gained a maximum of around 24 percent in the same period. This index has also fallen again since the beginning of the year.

Measured by the operating result (EBITDA), Siemens shares are valued higher than the sector for the first time in three years, analyst Alexander Virgo emphasized in his study. Under these circumstances, he expects the share price to consolidate. He is also looking at the Digital Industries business, where he expects a headwind for the order situation. In addition, the valuation implied on the market for the division has reached a record level./tih/mis