Siemens Energy is down more than 3% in Frankfurt, under the weight of a recommendation downgrade by UBS from 'neutral' to 'sell', with a price target adjusted from 23 to 38 euros on the German power plant manufacturer's stock.

Current valuation levels seem to anticipate a flawless execution by the company, while potential risks remain (particularly for Siemens Gamesa)', the broker believes in the summary of its note.

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