ABB (Buy, TP: SEK625.00) - Deserves further re-rating
We are roughly in line with consensus for Q2 and expect ABB to reiterate its 2024 guidance and give Q3 guidance for mid-single-digit organic sales growth, with a stable operating EBITA margin QOQ and improved YOY. We reiterate our BUY and have made small positive changes to our estimates, and have raised our target price to SEK625 (595) as we believe the stock merits further re-rating to reflect the improved qualities of the ‘new’ ABB.ABB specializes in power and automation technologies. Co. provides a broad range of products, systems, solutions and services that are designed to boost industrial productivity, increase power grid reliability, and enhance energy efficiency. Co.'s automation businesses serve a full range of industries with process optimization, control, measurement and protection applications. Co.'s power businesses focus on power transmission, distribution and power-plant automation, and support electric, gas and water utilities, as well as industrial and commercial customers.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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