Hubbell initiated with a Neutral at UBS

UBS initiated coverage of Hubbell (HUBB) with a Neutral rating and $450 price target The company’s end market exposure as favorable, but the stock’s valuation “appears full” against Hubbell’s earnings potential over the medium term, the analyst tells investors in a research note. The firm says the company’s organic growth in recent quarters has been negative or growing at a modest low-single-digit range.