Hubbell’s Overweight Rating Reaffirmed at Morgan Stanley (HUB.B)
Hubbell (NASDAQ:HUB.B)‘s stock had its “overweight” rating restated by equities research analysts at Morgan Stanley in a research note issued to investors on Tuesday. They currently have a $135.00 price objective on the stock, up from their previous price objective of $122.00.
The analysts wrote, “The shift towards an independent trustee for the Hubbell and Roche trusts (~36% voting rights) could signal a subtle yet important tilt in the Board of Directors’ thinking between short term and long term value creation. We raise our PT to $135 as we raise the probability of our bull case outcome.”
Hubbell (NASDAQ:HUB.B) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $1.08 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.07 by $0.01. The company had revenue of $759.50 million for the quarter, compared to the consensus estimate of $758.97 million. During the same quarter in the prior year, the company posted $1.10 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis.
Hubbell Incorporated (NASDAQ:HUB) is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications.
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