ABB India drops after UBS downgrades to 'neutral'

ABB India

12/07/2024 11:03

** Shares of engineering services company ABB India Ltd
 ABB.NS  down 2.8% at 8,218 rupees
    ** ABB shares down for third straight session where they
have shed 4.4%; day's fall biggest across last three sessions
    ** UBS downgrades stock to "neutral" from "buy" saying
current price already factors robust earnings growth; raises PT
to 9,100 rupees from 8,830 rupees
    ** Brokerage views ABB as best poised to capture emerging
infrastructure projects, says would upgrade back to "buy" if
quarterly order inflow exceeds 38 billion rupees
    ** 23 analysts tracking stock rate it "hold" on avg vs "buy"
for Siemens  SIEM.NS  and Larsen and Toubro  LART.NS  - LSEG
data
    ** Stock up ~76% YTD vs LART's 3.5% rise, SIEM's 89% gain


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))