ABB Ltd. : The slowdown could continue for longer. We remain cautious
>We have adjusted our forecasts. Underperform rating maintained - We have raised our DCF-derived target price from CHF 24.0 to CHF 25.0 (or $ 28.0), factoring in our revised forecasts as well as the disposal of Dodge at a good price ($ 2.9bn). We now expect reduced organic growth of 6.5% in 2021e and 3.0% in 2022e, with an operating margin of 14.4% and 14.9% respectively. We think that the revenue slowdown in Q3 does not augur well for Q4, Q1 and even Q2, and the supp...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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