Siemens Gamesa: shares suffer after UBS downgrade
(CercleFinance.com) - Shares in Spanish-based wind turbine maker Siemens Gamesa were down 1.
1% at 14.8 euros, underperforming a weak trend in Madrid, after UBS downgraded its rating on the share from "buy" to "neutral," while raising its target price from 14.80 euros to 16 euros.
In a research note, UBS says the long-term story remains intact, "but it's all in the price."
The broker insists that it remains "positive on long-term prospects, but recent outperformance limits upside," adding that risk-reward is now "fairly balanced."
Siemens Gamesa yesterday said that it has been chosen as the preferred supplier for the largest offshore wind project to be built in the US. For the record, its shares have risen by over 30% since the beginning of October.
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