UBS has downgraded its recommendation on Alfa Laval from 'neutral' to 'sell', with a price target reduced from SEK 430 to SEK 334, implying a downside potential of 13% for the Scandinavian engineering group's shares.

After outperforming the share price by 55% over the past three years, we see 2024 as a transitional year, and expect Alfa to underperform as order intake picks up," says the broker.

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