UPDATE: J.P. Morgan Reiterates Neutral Rating, Lowers PT on Hubbell

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Hubbell

, but slightly lowered its price target from $90.00 to $89.00. J.P. Morgan noted, “We view Hubbell as a solid, late-cycle, end-market leverage play with an outsized exposure to utility, non-res, and general construction markets in the US. The company has strong brands and management, and plays in fragmented markets with opportunities to consolidate through further share gains and disciplined M&A. Strength in the balance sheet is another positive, with plenty of opportunity for capital deployment either through acquisitions or share repurchase. Our Neutral rating is primarily based on valuation, which we think already reflects these dynamics.” Hubbell closed on Friday at $83.06.