Hubbell Inc falls after J.P. Morgan downgrades to 'underweight'

Hubbell

19/10/2022 13:15

** Shares of electrical solutions manufacturer Hubbell
Incorporated  HUBB.N  fall 2.6% to $223.77 in light premarket
trading 
    ** J.P. Morgan downgrades co's shares to 'underweight' from
'overweight'; Maintains PT of $200, implying a ~13% downside
from last close    
    ** Says co is more cyclically exposed in a challenging
macroeconomic backdrop and is likely to see a slowdown in growth
going forward 
    ** "HUBB is not immune to an economic pullback, and there
would be some downside in a recession, and assuming some
negative price" - JPM
    ** 4 of 11 brokerages rate the stock 'buy' or higher, 6
'hold', and 1 'sell' or lower; median PT is $219.50 - Refinitiv
IBES 
    ** As of last close, co's shares were up ~10% YTD  
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))