Oppenheimer Raises PT on Hubbell (HUB-B), Buy on Acuity Brands-Related Weakness
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Price: $100.16 --0%
Rating Summary:
2 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer lifted its price target on Outperform-rated Hubbell Inc (NYSE: HUB-B) from $92 to $98, saying the pullback on Acuity Brands, Inc. (NYSE: AYI) provides a buying opportunity.
The firm comments, "HUBB shares pulled back yesterday on softer than expected results from peer company AYI, and while the pullback was moderate (2.1%), we believe enough to take advantage and add to or establish positions, given (1) longer term recovery in nonresidential and residential markets (combined 50% revenues); (2) strong defensible market positions, market share trends, and operating performance; and (3) HUBB's differentiated capital deployment opportunity. We see little translation from AYI's shortfall (given relative consensus top-line expectations), and anticipate a visible benefit for Power Systems from Hurricane Sandy as an added short-term dynamic."
For an analyst ratings summary and ratings history on Hubbell Inc click here. For more ratings news on Hubbell Inc click here.
Shares of Hubbell Inc closed at $84.80 yesterday.
The firm comments, "HUBB shares pulled back yesterday on softer than expected results from peer company AYI, and while the pullback was moderate (2.1%), we believe enough to take advantage and add to or establish positions, given (1) longer term recovery in nonresidential and residential markets (combined 50% revenues); (2) strong defensible market positions, market share trends, and operating performance; and (3) HUBB's differentiated capital deployment opportunity. We see little translation from AYI's shortfall (given relative consensus top-line expectations), and anticipate a visible benefit for Power Systems from Hurricane Sandy as an added short-term dynamic."
For an analyst ratings summary and ratings history on Hubbell Inc click here. For more ratings news on Hubbell Inc click here.
Shares of Hubbell Inc closed at $84.80 yesterday.
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