UPDATE: Bank of America Upgrades ABB Ltd. to Buy, Raises PT on Multiple Positive Factors

In a report published Thursday, Bank of America analyst Mark Troman upgraded the rating on

from Neutral to Buy, and raised the price target from $26.02 to $26.23 In the report, Bank of America noted, “ABB is the global leader in electrical Transmission and Distribution (T&D) and a Top 3 player in key automation segments (motors, drives, robots and process control). Both these markets should continue to grow well, as customers seek higher productivity and energy efficiency. However, the most recent problem for the stock has been poor contract execution in Power Systems leading to significant charges. However, we think these issues should be over in 2014 leading to a recovery in 2015.” ABB Ltd. closed on Wednesday at $23.32.