ABB shares were the second biggest loser on the SMI index on the Zurich stock exchange on Friday, following a downgrade by Deutsche Bank.

In a note devoted to the European capital goods sector, the analyst said he had reduced his recommendation on the Swiss engineering group's shares from 'hold' to 'sell'.

In the study, Deutsche Bank points out that the sector is currently trading on the basis of an Enterprise Value/Ebitda ratio of 15x, the highest since 2000 excluding the Covid period.

Its price target has nevertheless been raised from CHF 40 to CHF 45.

Shortly before 12:00 pm, ABB shares lost 2.7%, while the SBF lost 0.8%.

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