Hubbell initiated with a Buy at Seaport Research

Seaport Research analyst Scott Graham initiated coverage of Hubbell with a Buy rating and $325 price target. Hubbell’s segments face multiple secular drivers and while organic sales have slowed in the last two quarters from de-stocking and selected end-market weakness, the firm is forecasting “attractive” top-line growth of 4% in 2024 and 6% in 2025 that it believes can drive the stock to continue to outperform, the analyst tells investors.