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ABB: Oddo BHF raises target price

( - Oddo BHF maintains its neutral rating on ABB shares, with a target price raised from 32.
8 CHF to 35 CHF.

The analyst points out that the group's new long-term targets were raised at its CMD. However, management was reluctant to give any precise indication as to 2024 in particular.

Oddo BHF says that 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 2020-2023).

In this context, the analyst says that he has left his 2023 & 2024 forecasts unchanged, while raising his medium and long-term growth forecasts, notably taking into account the dynamic nature of underlying markets.

ABB is less well positioned than its competitors in certain segments (notably data centers and software), which are expected to grow by more than 10% over the next few years, the broker adds.

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