HUBB - With Weaker Non-Resi Markets Hubbell's Self-Help Story Is More Important Than Ever

• Hubbell closed a weak 2020 with a weak fourth quarter, as a 7% organic revenue decline underperformed expectations and the company's large multinational comps.
• Healthy utility and residential construction markets are a positive, as are recovering industrial markets, but weak non-residential is a threat.
• I like Hubbell's recent M&A transactions, but management really needs to start producing meaningful results from its cost/efficiency efforts.
• Hubbell shares look fairly-valued in an overvalued industrial sector, with upside really tied to better execution on costs.

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