ABB: Berenberg cuts target price

(CercleFinance.com) - Berenberg remains a seller on the ABB share and has cut its corresponding target price from 17.
50 Swiss francs to 17 Swiss francs, pointing to "unlikely" value generation before 2021.

In a note to clients, the German broker wrote that it has reduced its 2019 earnings estimates for the Swiss engineering by 8%, due to higher corporate costs, and lower growth and margin assumptions.

Meanwhile, it has increased its 2020 EPS estimates by 10%, due to higher cost-savings expectations.

However, Berenberg said that it prefers more attractive risk/reward stocks, such as Siemens, on which it has a buy rating.

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