There is no short-term turnaround in sight for General Electric's power business, according to UBS.

The firm lowered it price target to $13 from $16 for GE shares, citing pricing pressures and share losses in the key market. UBS also reiterated its neutral rating for the industrial giant.

"Power market improvement is needed to make a meaningful impact on earnings, but we see signs the market is deteriorating," analyst Steven Winoker said in a note to clients Wednesday. "While cost-out remains a primary focus for the business, the end markets are far from cooperative with regard to pricing, demand and competition — and if anything require even more aggressive cost reductions, forcing GE into a vicious cycle."

GE shares fell nearly 1 percent Wednesday.

The analyst noted that the company's second-quarter power business orders and sales were down 26 percent and 18 percent, respectively. He said GE had a 47 percent share of the global large gas turbine business from 1997 to 2017 versus only 11 percent this year.

"GE Power has not yet found a bottom in our view due to a continued deceleration in the gas power equipment and services market," Winoker said. "We believe GE continues to face challenges related to Power, tax, Capital, litigation, portfolio and cash headwinds/uncertainty."

GE shares declined 49 percent in the past 12 months through Tuesday versus the S&P 500's 18 percent return.

The company did not immediately respond to a request for comment.

— CNBC's Michael Bloom contributed to this story.