ABB Ltd. (ABB) Upgraded to “Buy” by Zacks Investment Research
ABB Ltd. (NYSE:ABB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $25.00 price target on the stock. Zacks Investment Research’s price target would indicate a potential upside of 13.74% from the company’s previous close.
According to Zacks, “ABB has a decent earnings history, with three beats and one miss in the four trailing quarters. ABB is one of the best managed industrial infrastructure, power and automation companies in the world that stands to benefit from investments made in the upgrade of power infrastructure. ABB’s proven “Next Level Strategy” and focused investments in three strategic areas, namely, growth, execution and business-led collaboration are expected to propel growth. The company has made significant progress in all the three areas during the quarter that were conducive to the quarterly results. Going forward, the company’s three major customers in utilities, industry and transport & infrastructure are anticipated to drive growth. However, on the flip side, volatility in the oil & gas industry and currency fluctuations are expected to pose as major headwinds, marring the company’s prospects.”
A number of other equities research analysts also recently issued reports on the stock. HSBC downgraded shares of ABB from a “buy” rating to a “hold” rating in a report on Friday, August 19th. BNP Paribas upgraded shares of ABB from an “underperform” rating to an “outperform” rating in a research note on Thursday, September 1st. Deutsche Bank AG upgraded shares of ABB from a “sell” rating to a “hold” rating in a research note on Friday, July 22nd. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating on shares of ABB in a research note on Monday, June 13th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. ABB currently has a consensus rating of “Hold” and an average price target of $23.30.
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Shares of ABB (NYSE:ABB) traded up 0.7930% during midday trading on Tuesday, reaching $22.1543. 684,915 shares of the company traded hands. ABB has a 12 month low of $15.74 and a 12 month high of $22.78. The company has a 50 day moving average of $21.93 and a 200 day moving average of $20.55. The firm has a market capitalization of $47.12 billion, a P/E ratio of 28.7345 and a beta of 1.33.
ABB (NYSE:ABB) last released its earnings results on Thursday, July 21st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. ABB had a net margin of 4.91% and a return on equity of 16.86%. The firm earned $8.68 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the previous year, the firm earned $0.33 earnings per share. ABB’s revenue was down 5.3% compared to the same quarter last year. On average, equities research analysts predict that ABB will post $1.08 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. UBS Group AG boosted its stake in ABB by 47.5% in the first quarter. UBS Group AG now owns 856,662 shares of the company’s stock valued at $16,636,000 after buying an additional 275,986 shares in the last quarter. Willis Investment Counsel boosted its stake in ABB by 0.8% in the first quarter. Willis Investment Counsel now owns 341,000 shares of the company’s stock valued at $6,622,000 after buying an additional 2,700 shares in the last quarter. Motley Fool Wealth Management LLC boosted its stake in ABB by 10.7% in the first quarter. Motley Fool Wealth Management LLC now owns 121,205 shares of the company’s stock valued at $2,354,000 after buying an additional 11,666 shares in the last quarter. Diversified Investment Strategies LLC boosted its stake in ABB by 0.4% in the first quarter. Diversified Investment Strategies LLC now owns 146,025 shares of the company’s stock valued at $2,836,000 after buying an additional 625 shares in the last quarter. Finally, M&T Bank Corp boosted its stake in ABB by 4.9% in the first quarter. M&T Bank Corp now owns 86,138 shares of the company’s stock valued at $1,672,000 after buying an additional 4,017 shares in the last quarter. 3.56% of the stock is currently owned by hedge funds and other institutional investors.
ABB Company Profile
ABB Ltd (ABB) is engaged in power and automation technologies. The Company manages its business based on five divisions: Discrete Automation and Motion, Low Voltage Products, Process Automation, Power Products and Power Systems. The Discrete Automation and Motion division provides low-voltage and medium-voltage drive products and systems for industrial, commercial and residential applications.
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