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Hubbell (NYSE:HUBB) late Sunday was rated Hold in new research coverage by analysts at Deutsche Bank. They said the maker of electrical products for residential and nonresidential construction faces limitations is fairly priced with its growth outlook.
Hubbell's (HUBB) stock has risen about 54% in the past year, compared with a 28% gain for the Standard & Poor's 500 stock index (SP500).
“As has been the case with many companies we cover, Hubbell’s (HUBB) margins reached new highs in 2023, as the company benefited from price/cost catch-up (price/cost was a positive contributor each quarter),” Nicole DeBlase, analyst at Deutsche Bank, said in a March 10 report. “This has caused investors to question whether Hubbell’s (HUBB) margins have peaked.”
Deutsche Bank set a price target of $427 a share on Hubbell (HUBB), based on a multiple of 24 times its next-12-month earnings forecast.
The bank also initiated coverage of nVent (NVT) with a Buy rating.