ABB: Oddo BHF still on hold
(CercleFinance.com) - This morning, ABB reported Q3 sales of $7,968m, up 11% on a comparable basis below the 12% expected by the consensus, with an operating EBITA margin of 17.
4% ($1,392m), vs. 17.3% expected.
Following this announcement, Oddo BHF maintains its neutral rating on the stock, with a target price of 33.8 CHF.
The broker says that the residential construction market is weak, the commercial construction market is stable in the US, although still declining in China.
It should be noted that orders in China fell by 3% in Q3 (after -9% in Q2) and by 33% in Germany, while they rose by 13% in the US.
Analysts will be keeping a close eye on market trends by major segment, in particular discrete automation, but also construction (what are the trends at the beginning of this month), as well as on the extent to which destocking continues.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
4% ($1,392m), vs. 17.3% expected.
Following this announcement, Oddo BHF maintains its neutral rating on the stock, with a target price of 33.8 CHF.
The broker says that the residential construction market is weak, the commercial construction market is stable in the US, although still declining in China.
It should be noted that orders in China fell by 3% in Q3 (after -9% in Q2) and by 33% in Germany, while they rose by 13% in the US.
Analysts will be keeping a close eye on market trends by major segment, in particular discrete automation, but also construction (what are the trends at the beginning of this month), as well as on the extent to which destocking continues.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.