ABB India rises after UBS sets Street-high PT on growth bets

ABB India

27/03/2024 05:39

** Shares of technology automation products and services
provider ABB India  ABB.NS  rise ~7% to a record high; last up
6.3%
    ** UBS says co has clear focus to capture long-term growth
in electrification, dials up estimates on product portfolio
expansion bets
    ** UBS hikes PT by 40% to Street-high of 7,550 rupees,
retains 'buy' recommendation
    ** UBS' new PT is 51% above analysts' median PT, and ~20%
higher than current trading levels - LSEG data
    ** Adds ABB "best play" on emerging infrastructure scale-up
in low/medium-voltage electrification, where it trails Schneider
Electric Infrastructure  SEIN.NS  and Siemens  SIEM.NS  
    ** Avg recommendation on ABB is a "hold" vs "buy" for
Siemens - LSEG 
    ** Stock is up ~35% YTD, following a 74% jump in 2023 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))