UBS Reverses Bearish Siemens Energy Call After 165% Rally

Almost exactly a year after slapping a sell rating on Siemens Energy AG, UBS Group AG has turned positive on one of Europe’s best-performing largecaps.

In his first major note on the German firm since taking over coverage, analyst Christopher Leonard upgraded his rating to buy from sell, saying order momentum in gas services and grid technologies should drive profit growth into the next decade.