Bernstein upbeat on ABB

Posted on: Wed, 28 Jul 2010 04:33:23 EDT

Symbols: ABB

Jul 28, 2010 (NORDIC BUSINESS REPORT via COMTEX) --

28 July 2010 - Bernstein has upgraded its stance on Swiss-Swedish engineering group ABB Ltd (VTX: ABBN) (STO: ABB | PowerRating) to "outperform" from "market perform" and has also raised the share price target to CHF28 from CHF22.

At 09:25 CET on Wednesday, the shares in ABB traded at CHF21.15, up by 0.52% from opening, on the SIX Swiss Exchange. On the OMX Nordic Exchange in Stockholm, the stock had edged up 0.55% to SEK145.70.

Yesterday, the Swiss-Swedish group announced it had succeeded in raising its stake in its subsidiary ABB India (BOM: 500002) to 75% from 52.11% via an INR900-per-share offer, launched on 17 May 2010.

(EUR1 = CHF1.4; EUR1 = SEK9.5)

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