Deutsche Bank downgraded Hubbell (HUBB) to Hold from Buy with a price target of $473, down from $493. The firm no longer sees enough upside for a Buy rating with the shares up 24% since its upgrade in September. The analyst assumes the multi-industry group can continue to trade at a modest premium to the market. Deutsche is still electrical products bulls, but prefers other ways to play this theme than Hubbell. This is “simply a call on HUBB’s relative valuation,” the firm contends.
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