ABB - Advanced Energy Industries Shares Still Offer Upside

• AEIS has been executing well, but the market didn't like the unexpected announcement of the CEO's retirement, nor guidance that was in line with expectations.
• Semiconductor equipment demand should remain robust in 2021, and AEIS has good leverage to the increasingly sophisticated power demands of leading-edge node production.
• Medical equipment demand should improve as procedure counts normalize and hospitals resume imaging and diagnostic capex; data center is leveraged to an ongoing shift toward 48V power supplies.
• AEIS looks undervalued on long-term revenue growth in the mid-single-digits and double-digit FCF growth.

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