UBS downgrades its recommendation on Legrand directly from 'buy' to 'sell', with a price target reduced from €108 to €82, a new target implying a 15% downside potential for the French electrical infrastructure supplier's stock.

Justifying its position on the file by "limited growth potential, cyclical risks and a demanding valuation", the broker displays a preference for Schindler, Kone and Assa Abloy in the quality-growth building sector.

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