ABB: shares rise after broker upgrade
(CercleFinance.com) - UBS has upgraded its rating on the ABB stock from "sell" to "neutral" on Tuesday, as it expects earnings revisions will start bottoming, an upgrade that has sent the shares up 0.
8%.
"The electricity transmission and distribution equipment and services industry firm growth outlook and limited Chinese challenge, for now, helps a more balanced view on ABB after recent share price underperformance," the broker said.
ABB shares, which have fallen 15% so far this year, are currently up 0.8% at 22.3 euros in morning trading on the SIX Swiss Exchange after these comments.
The UBS team has also raised its target price for the share, now aiming at 21.5 Swiss francs, against 21 Swiss francs previously.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
8%.
"The electricity transmission and distribution equipment and services industry firm growth outlook and limited Chinese challenge, for now, helps a more balanced view on ABB after recent share price underperformance," the broker said.
ABB shares, which have fallen 15% so far this year, are currently up 0.8% at 22.3 euros in morning trading on the SIX Swiss Exchange after these comments.
The UBS team has also raised its target price for the share, now aiming at 21.5 Swiss francs, against 21 Swiss francs previously.
Copyright (c) 2018 CercleFinance.com. All rights reserved.