UBS has reaffirmed its 'buy' recommendation on RWE, with the target price maintained at 52 euros, a target that offers potential upside of 42% for the stock, following the German energy group's preliminary results for 2023.

While the 2023 results exceeded consensus expectations, the broker considers that the key factor lies in the downward revision of forecasts for 2024, given the significant fall in energy prices.

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