Barclays has reaffirmed its 'overweight' recommendation on Siemens Energy, and raised its target price from €15 to €16, following an increase in its estimates for the German energy equipment manufacturer.

In particular, the broker points out that the G&P business (gas and electricity) is going from strength to strength, and that risks to the group's balance sheet are diminishing, thanks to prepayments and divestments.

Barclays also points to an absence of further bad news in wind power, a business for which it still sees a negative value of four billion euros implicit in the group's valuation.

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