Zacks Investment Research Upgrades ABB (ABB) to Buy
ABB (NYSE:ABB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $31.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.36% from the stock’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 equities analysts have also recently weighed in on the company. Bank of America cut ABB from a “buy” rating to a “neutral” rating in a research report on Tuesday. Robert W. Baird reiterated a “buy” rating and issued a $29.00 price target on shares of ABB in a research report on Friday, December 15th. Goldman Sachs Group reiterated a “buy” rating on shares of ABB in a research report on Monday, December 11th. Deutsche Bank upgraded ABB from a “hold” rating to a “buy” rating in a research report on Monday, December 4th. Finally, Jefferies Group set a $20.00 price target on ABB and gave the company a “sell” rating in a research report on Tuesday, November 28th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. ABB has a consensus rating of “Hold” and an average price target of $26.67.
ABB (NYSE:ABB) last released its earnings results on Thursday, October 26th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.04. The business had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.55 billion. ABB had a return on equity of 18.65% and a net margin of 6.79%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period last year, the business posted $0.32 earnings per share. analysts forecast that ABB will post 1.25 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its stake in ABB by 512.5% during the third quarter. Point72 Asset Management L.P. now owns 508,400 shares of the industrial products company’s stock valued at $12,583,000 after buying an additional 425,400 shares during the period. Oppenheimer & Co. Inc. boosted its stake in ABB by 92.9% during the third quarter. Oppenheimer & Co. Inc. now owns 117,841 shares of the industrial products company’s stock valued at $2,917,000 after buying an additional 56,751 shares during the period. Guardian Capital Advisors LP boosted its stake in ABB by 1.3% during the third quarter. Guardian Capital Advisors LP now owns 310,864 shares of the industrial products company’s stock valued at $7,915,000 after buying an additional 4,118 shares during the period. Macquarie Group Ltd. boosted its stake in ABB by 1.1% during the third quarter. Macquarie Group Ltd. now owns 3,877,508 shares of the industrial products company’s stock valued at $95,968,000 after buying an additional 40,514 shares during the period. Finally, Caxton Associates LP bought a new stake in ABB during the third quarter valued at $1,238,000. Institutional investors own 4.73% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Upgrades ABB (ABB) to Buy” was first reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright law. The original version of this story can be read at https://www.thecerbatgem.com/2018/01/14/zacks-investment-research-upgrades-abb-abb-to-buy.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ABB Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ABB and related companies with MarketBeat.com's FREE daily email newsletter.