Mizuho raises PT for industrials on expected return to normalcy

Hubbell

04/01/2024 12:47

** Mizuho hikes PT for industrial companies including
Honeywell International  HON.O , Lennox International  LII.N ,
Pentair  PNR.N , Emerson Electric  EMR.N  
    ** Brokerage also raises PT on - Eaton Corp  ETN.N , Dover
 DOV.N , Vertiv Holdings  VRT.N , Rockwell Automation  ROK.N  
    ** "Industrials enter 2024 with generally firmer footing on
hardened supply chains, less inflation, rebalanced inventories
and favorable megatrends aiding demand" - Mizuho
    ** Brokerage sees secular drivers around electrification,
infrastructure, energy efficiency, and stimulus supporting
continued sector growth into 2024 and beyond
    ** Adds that HVAC (heating, ventilation and cooling) and
pool companies will benefit from a residential rebound
    ** Moves     Honeywell, Pentair and Hubbell  HUBB.N  up to
"top pick" 
 Companies      New PT      Old PT
 Honeywell      $245        $225
 International              
 Lennox         $490        $470
 International              
 Emerson        $118        $95
 Electric                   
 Pentair        $82         $78
 Eaton          $260        $250
 Corporation                
 Dover          $180        $162
 Corporation                
 Rockwell       $300        $265
 Automation                 
 Vertiv         $50         $39
 Holdings                   
 
    

 (Reporting by Aishwarya Jain in Bengaluru)
 ((Aishwarya.Jain@thomsonreuters.com;))