Zacks Investment Research upgraded shares of ABB Ltd. (ABB) from UNDERPERFORM to NEUTRAL on April 30, 2014, with a target price of $28.00.
ABB is a leading power and automation technology supplier. We are initiating our coverage on the company with a Neutral recommendation and a target price of $28.00. The company had reported weak fourth-quarter 2014 earnings owing to sluggishness in the power systems (PS) business. However, even amid the present macroeconomic uncertainty, the company continues to receive orders in key sectors. This power and automation bellwether also benefited from the execution of its strong backlog and improved demand from earlier-cycle projects in the quarter. Moreover, the company's ongoing initiatives in improving its cash flow generation, cost containment and stabilization of its PS business also bodes well gong forward.
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