Hubbell Inc. (HUB.B) Upgraded To Outperform

Analyst Christopher Glynn at Oppenheimer

has upgraded Hubbell Inc.

to an Outperform rating. The price target for the company has been raised from $51 to $53. Hubbell reported operating margin of 12.2%, a decline of only 20 basis points sequentially in what is considered seasonally the weakest quarter. According to Oppenheimer, this gives the company a strong momentum heading into 2010. The company has been a dynamic acquirer over the past several years, with a particular focus on building the utility business, according to Oppenheimer. The EPS estimates for Hubbell Inc. have been revised for 2010, 2011 and 2012. The EPS estimate for 2010 has been raised from $3.15 to $3.30, for 2011 from $3.70 to $3.80 and for 2012 from $4.25 to $4.45. The new price target of $53 is based on a multiple of 16x the revised 2010 EPS estimate.