Hubbell price target lowered to $300 from $304 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Hubbell to $300 from $304 and keeps an Equal Weight rating on the shares. Management expectations that Utility Solutions destock ends by year-end 2023 and Electrical Solutions destock is already over is a promising setup for a volume recovery in FY24, the firm says. Key is margin durability, Wells adds.