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Legrand: Bernstein upgrades stock

( - On Wednesday Bernstein upgraded its rating on Legrand shares to "outperform" from "market perform", with a price target raised from 76 euros to 92 euros.

The broker explains that it has changed its opinion on several European industrial and capital goods stocks, believing that it is now time to become positive again on the sector.

After a difficult year in 2022 (war in Ukraine, rising energy prices, inflation, rising interest rates, threats of recession, etc.), Bernstein believes that the worst is largely over for industrial groups in Europe.

It also points out that the sector is usually sheltered from economic downturns, as customer demand for efficiency-enhancing processes tends to increase in times of crisis.

The analyst considers that all these elements should favour a revaluation of the sector, with it therefore upgrading its ratings on five stocks; Assa Abloy, Dassault Systèmes, Legrand, Schneider and Siemens.

Within the sector, the broker now has seven buy, three "neutral" and four sell ratings.

Out of the shares considered, Schneider Electric shares are currently up 3%, Dassault Systèmes shares are up 1.3% and Legrand shares are up 1.7%.

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