Shares in Swiss engineering group ABB fell on Monday's trading on the Zurich Stock Exchange, penalized by a recommendation downgrade from RBC.

The Canadian bank's analysts downgraded their recommendation to 'in-line performance' from 'outperform', with the price target maintained at 38 Swiss francs.

In a research note, RBC indicates that the outlook for 2024, which the company will unveil on February 1, is unlikely to be attractive.

Although earnings growth is expected to be below that of Siemens and Schneider, ABB shares have outperformed the sector by 22% since the beginning of 2022, leading RBC to consider the stock to be fairly valued at current levels.

Shortly before 12:00 pm, the share price was down 0.3%, while the SMI lost 0.1% at the same time.

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