Electrical Equipment & Multi-Industry

We’ve held the view for a few years now that we are experiencing a generational shift in investment patterns brought on by the supply disruptions caused during COVID, geopolitical tensions and government stimulus. It was a generation ago that the group enjoyed above average organic growth on the investment boom in China and other EMs. Now the tide of global investment is shifting and will not be easily reversed.

We now see a generational shift that benefits the USA more strongly but is also global as sovereignty of critical infrastructure and supply remains a national focus, internationally. While concerns of impending recession have hung over the market for at least 2 years, we believe we are early in what could be an extended period of Industrial re-investment and repositioning. Although our view never meant we would go up in a straight line, the Fed’s pivot in December substantially lowers the risk of a cyclical hard landing interrupting the secular take-off.

In fact, if our organic growth estimates for 2024 prove correct, it might be more proper to call it a no landing scenario rather than a soft landing.

Top Picks

Dover Corp

DOV-US

Hubbell Inc

HUBB-US

Coverage

For latest research, ratings, and estimates, please access our client research portal.

DD-US

Buy
Buy
Buy
DuPont de Nemours, Inc.

HON-US

Buy
Buy
Buy
Honeywell International Inc

ABB-US

Hold
Hold
Hold
ABB Ltd

VRT-US

Buy
Buy
Buy
Vertiv Holdings Co.

AME-US

Buy
Buy
Buy
Ametek

TT-US

Hold
Hold
Hold
Trane Technologies

LII-US

Hold
Hold
Hold
Lennox International

ETN-US

Buy
Buy
Buy
Eaton Corp

JCI-US

Hold
Hold
Hold
Johnson Controls, Inc.

IR-US

Buy
Buy
Buy
Ingersoll Rand

SWK-US

Hold
Hold
Hold
Stanley Black & Decker, Inc.

IEX-US

Hold
Hold
Hold
IDEX Corp

EMR-US

Buy
Buy
Buy
Emerson Electric Co

WSO-US

Hold
Hold
Hold
Watsco

SU-FR

Hold
Hold
Hold
Schneider Electric

CARR-US

Buy
Buy
Buy
Carrier Global Corporation

VLTO-US

Buy
Buy
Buy
Veralto Corporation

ALLE-US

Hold
Hold
Hold
Allegion

NVT-US

Buy
Buy
Buy
nVent Electric plc

KNEBV-FI

Hold
Hold
Hold
Kone Oyj

CR-US

Hold
Hold
Hold
Crane Company

PH-US

Buy
Buy
Buy
Parker Hannifin

HUBB-US

Buy
Buy
Buy
Hubbell Inc

ITW-US

Hold
Hold
Hold
Illinois Tool Works

SIE-DE

Buy
Buy
Buy
Siemens

AYI-US

Hold
Hold
Hold
Acuity Brands

OTIS-US

Hold
Hold
Hold
Otis Worldwide Corporation

ROK-US

Hold
Hold
Hold
Rockwell Automation Inc

DOV-US

Buy
Buy
Buy
Dover Corp

FTV-US

Hold
Hold
Hold
Fortive Corp

VNT-US

Hold
Hold
Hold
Vontier Corp

MMM-US

Hold
Hold
Hold
3M Co