ABB (Buy, TP: SEK635.00) - Limited near-term earnings risk
Although broadly in line with consensus, the Q2 report did not convince investors, with RA the main disappointment, and the share price fell back after a strong performance YTD. The reiterated 2024 and new Q3 guidance should provide some downside protection near-term, while we remain positive on the long-term growth outlook for ABB. We have made only minor estimate changes, reiterate our BUY, and have raised our target price to SEK635 (625).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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