ABB (ABB) Stock Rating Upgraded by Zacks Investment Research
ABB (NYSE:ABB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $31.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.81% from the company’s previous close.
According to Zacks, “ABB’s shares have outperformed the industry’s average return over the past year, and the company also boasts an excellent earnings surprise history over the trailing four quarters. ABB’s operations continue to benefit from power infrastructure investments and strategic restructuring plans. Strong order growth, particularly in Robotics and Motion segment, bode well for the coming quarters. The third stage of ABB’s revamped “Next Level Strategy” will help unlock ABB’s full digital potential, increasing momentum in operational excellence and boosting the company’s brand. We are highly optimistic about ABB’s recent acquisition of GE Industrial Solutions, which will fortify its global foothold in electrification, and expand its access to the North American market. However, volatility in oil & gas markets and uncertainty in the process industries remain major headwinds for the company.”
Several other brokerages have also recently commented on ABB. Bank of America cut ABB from a “buy” rating to a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of ABB in a research report on Friday, November 24th. Deutsche Bank upgraded ABB from a “hold” rating to a “buy” rating in a report on Monday, December 4th. Jefferies Group set a $20.00 target price on ABB and gave the company a “sell” rating in a report on Tuesday, November 28th. Finally, Goldman Sachs Group upgraded ABB from a “neutral” rating to a “conviction-buy” rating in a report on Tuesday, October 31st. Three analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $26.67.
ABB (NYSE:ABB) last issued its quarterly earnings results on Thursday, October 26th. The industrial products company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.04. ABB had a return on equity of 18.65% and a net margin of 6.79%. The firm had revenue of $8.72 billion during the quarter, compared to analysts’ expectations of $8.55 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. analysts predict that ABB will post 1.27 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the business. Scotia Capital Inc. grew its holdings in ABB by 2.2% in the 2nd quarter. Scotia Capital Inc. now owns 14,850 shares of the industrial products company’s stock valued at $370,000 after buying an additional 314 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in shares of ABB by 2.9% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 13,917 shares of the industrial products company’s stock valued at $347,000 after purchasing an additional 392 shares during the last quarter. Sandhill Capital Partners LLC lifted its stake in shares of ABB by 3.4% in the 2nd quarter. Sandhill Capital Partners LLC now owns 21,778 shares of the industrial products company’s stock valued at $542,000 after purchasing an additional 721 shares during the last quarter. Logan Capital Management Inc. lifted its stake in shares of ABB by 1.9% in the 2nd quarter. Logan Capital Management Inc. now owns 40,233 shares of the industrial products company’s stock valued at $1,002,000 after purchasing an additional 760 shares during the last quarter. Finally, First Allied Advisory Services Inc. lifted its stake in shares of ABB by 7.5% in the 2nd quarter. First Allied Advisory Services Inc. now owns 26,830 shares of the industrial products company’s stock valued at $662,000 after purchasing an additional 1,880 shares during the last quarter. Institutional investors own 4.73% of the company’s stock.
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ABB Company Profile
ABB Ltd (ABB) is a holding company. The Company’s segments include Electrification Products, Robotics and Motion, Industrial Automation, Power Grids, and Corporate and Other. It operates through four divisions: Electrification Products, Robotics and Motion, Industrial Automation and Power Grids. It is engaged in serving customers in utilities, industry and transport and infrastructure.
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