Citi downgraded ABB (ABBNY) to Neutral from Buy with an unchanged price target of CHF 51. Following the roughly 37% share price rally year-to-date, the firm sees ABB’s valuation converging to that of Schneider Electric (SBGSY), the analyst tells investors. The firm doesn’t think there has been a major inflection in European Electrical Equipment end market trends during Q2, the analyst added.
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