Hubbell B: Hold Rating Amidst Balanced Growth Potential and Valuation Concernsthe right exposures, but looking for growth - Initiate w/ Neutral, $450 price target Favorable end markets, but not seeing especially strong growth We initiate on HUBB with a Neutral rating and $450 price target. We view HUBB's end market exposure as favorable, but valuation appears full against the company's earnings potential over the medium term. We forecast organic sales growth of +6% in 2026 and 2027, resulting in EPS that is within 1% of consensus in each of these years. We note that 50%+ of the company's revenues should see tailwinds from higher spending on grid and data centers, but organic growth in recent quarters has been negative or growing at a modest low-single-digit range.