(CercleFinance.com) – Oddo BHF maintains its neutral rating on ABB shares, with a price target raised from 32.8 to 35 CHF.
The analyst indicates that the group’s new long-term objectives were revised upwards during the CMD. However, management did not want to give any precise indication on the year 2024 in particular.
According to Oddo BHF, ABB is turning towards a new phase of growth (5-7% organic growth targeted vs. 3-5% previously) and should also accelerate its acquisition program (1-2% external growth vs. -2% over the period 2020-2023).
In this context, the analyst indicates that he has left his 2023 & 2024 forecasts unchanged and revised upwards his medium and long-term growth forecasts, taking into account in particular the dynamism of the underlying markets.
‘ABB is less well positioned than its competitors in certain segments (data centers and software in particular) which are expected to grow by more than 10% over the coming years’, however, the broker qualifies.
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