FRANKFURT (dpa-AFX) - Investors in Siemens Energy shares opted for profit-taking on Wednesday following a downgrade by the investment firm Kepler Cheuvreux. As the biggest loser in the leading Dax index, the papers lost 3.5 percent to 51.80 euros. Last year, the price more than quadrupled and marked a record high at over 55 euros the day before.
Analyst William Mackie of Kepler Cheuvreux believes that the manufacturer of energy technology's forecasts up to 2028 are now priced in after the sharp rise in valuation. In addition, free cash flow in the current year may fall short of expectations due to the working capital to be employed and provisions. He lowered his rating from "Buy" to "Hold"./bek/jha/