Investopedia: Europe Won't Kill Siemens

It's not easy to garner much investor interest in European companies these days, and that's especially true in the industrial/capital goods sector. While it is true that Siemens (NYSE:SI) gets a significant amount of its revenue from Europe, it's also true that this is a globally diversified conglomerate, with numerous opportunities to improve both top line growth and margins. With the CFO of Siemens recently admitting that the company's recent guidance for 2012 may be challenging to achieve, long-term investors may want to keep a close eye on these shares. (For more, see Earning Forecasts: A Primer.)

"Challenging" Doesn't Mean Impossible  
Investors are already inclined towards a "shoot first" mindset when it comes to European capital goods companies, certain that the ongoing sovereign debt/banking malaise has to kill the economy there sooner or later. Siemens did itself no favors when the CFO Joe Kaeser admitted in a Wall Street Journal interview that the company's guidance (which it gave in November) was "very ambitious" and that conditions had gotten worse.

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http://stocks.investopedia.com/stock-analysis/2012/Europe-Wont-Kill-Siemens-SI-ABB-EMR-GE0111.aspx