Hubbell’s (HUBB) third quarter earnings beat the Zacks Consensus by a wide margin, although revenue was more or less in-line. Government initiatives, the company’s market position, the product line-up and acquisition strategy indicate a strong comeback once the economy is more conducive.

We agree that near-term growth could be impacted by the non-residential slowdown, conservatism and transmission focus of utilities and general weakness in the industrial market. However, the signs of a recovery in 2010 are encouraging.

Consequently, we are upgrading HUB.B shares to Outperform.

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