ABB delivered a solid trading update in October, but as so often happens with stocks that have run hard, it wasn’t enough, and the stock has drifted lower since. Changes in regulated rates for voice-interconnection services in late December have also led to small downgrades, primarily around cash flow. However, the stock is now trading slightly on the cheap side of the ledger and remain medium term bulls on their prospects.
- ABB is our largest position in the Emerging Companies Portfolio.
MM remains long and bullish ABB
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