Siemens Energy shares were one of the DAX's biggest gainers on the Frankfurt Stock Exchange on Friday, buoyed by an increase in Berenberg's price target.

At 4.40 pm, the share gained just over 1.7%, the third best performance of the leading index behind energy companies E.ON and RWE.

In a note released this morning, Berenberg analysts set their new target price for the stock at 30 euros, up from 25 euros previously, while maintaining their Buy recommendation.

The German bank says it can't help but notice the similarities between Siemens Energy and GE Vernova, GE's recently floated energy division, in terms of size, business lines and profitability.

However, Berenberg points out that Vernova is currently trading at 2.5 times the valuation of Siemens Energy, a fundamentally flawed assessment in its view.

The financial institution believes that the market is thus attributing a negative value of around 11 billion euros to the Siemens Gamesa wind power subsidiary, whereas it is, on the contrary, attributing a potentially positive value of up to six billion euros.

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