JPMorgan analyst Akash Gupta downgraded Siemens Energy to Underweight from Neutral with a price target of EUR 9.20, down from EUR 13.80. The analyst changed ratings in the European capital goods sector as part of a 2024 outlook. The group is positioned to be a beneficiary of a number of the structural growth drivers but there is competition for capital in the electricals space, the analyst tells investors in a research note.
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