JPMorgan upgraded Hubbell to Overweight from Neutral with a price target of $335, up from $333. The analyst says utility checks at the annual EEI conference this week suggest that market concerns on utility appear overdone. The firm maintains above consensus estimates for Hubbell’s 2024 and 2025, partly reflecting the Systems Control acquisition, but also on a stronger organic outlook at Utility Solutions. It now has increased confidence and sees the longer term mid-single-digit Utility Solutions growth target as potentially conservative. With Hubbell trading below its historical average parity multiple, JPMorgan sees a “relatively visible GARP story” and upgraded the shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on HUBB:
- Snowflake upgraded, Lucid downgraded: Wall Street’s top analyst calls
- Hubbell initiated with a Buy at Seaport Research
- Comvest Partners to sell Systems Control to Hubbell in transaction, no terms
- Hubbell price target lowered to $300 from $304 at Wells Fargo
- Hubbell Reports Third Quarter 2023 Results