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Schneider Electric: RBC downgrades stock

( - On Wednesday RBC downgraded Schneider Electric shares, a decision that the Canadian broker justifies by the stock's strong growth in recent months.

The broker, which previously rated the electrical equipment specialist's stock outperform, said it had returned to a neutral rating, albeit having increased its target price for the share from 150 euros to 175 euros.

In a report this morning, RBC said the French group's shares have risen 19% over the past three months, triple the increase in the STOXX Europe 600 Industrial Goods & Services index over the same period.

The broker notes that the stock is now trading at a premium of around 20% to the rest of the sector, whereas it was previously trading at a discount.

After an "outstanding" 2021, RBC says it expects a "good" year from the low and medium voltage equipment manufacturer in 2022.

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