ABB downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank analyst Gael de-Bray downgraded ABB (ABBNY) to Sell from Hold with a price target of CHF 45, up from CHF 40. ABB shares are up 37% year-to-date and have outperformed the sector by 20% over the past three months so the stock now trades at a 75% premium to European equity markets and at a 33% premium to the sector average, the analyst tells investors. ABB’s valuation is nearly on par with Schneider Electric (SBGSY) despite its “lack of a proper digital strategy” and uncertainties created by the CEO transition in August, adds the analyst, who sees “no room for disappointment.”