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UPDATE: J.P. Morgan Downgrades Hubbell Incorporated to Neutral, Raises PT


In a report published Monday, J.P. Morgan & Co. downgraded its rating on Hubbell Incorporated (NYSE: HUB.B) from Overweight to Neutral, and raised its price target from $81.00 to $90.00.

J.P. Morgan noted, “We are moving to the sidelines on Hubbell after continued outperformance has made risk/reward less attractive. Shares are up 23% YTD, 18% of which came on multiple expansion. From a fundamental perspective, we like the US late cycle exposure, but this is now becoming more Consensus and, at the standing premium, investors may not be discounting the likely moderation that is suggested by US macro data. Non-fundamentally, a takeout remains a possibility, but looks increasingly priced in as a TNB/CBE-like multiple would only imply 15-20% upside from here versus closer to ~40% early this year when the first of those deals went off. Hubbell remains one of the stronger companies in our coverage universe, with management executing well and the franchise value in tact, but we can no longer justify the multiple expansion required to drive continued outperformance.”

Hubbell Incorporated closed on Friday at $82.17.

Latest Ratings for HUB.B

Jun 2012KeyBancInitiates Coverage OnBuy

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Posted-In: J.P. Morgan & Co.Analyst Color Downgrades Analyst Ratings

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