Investing.com -- HSBC said investors should focus on high-quality U.S. industrial stocks with limited exposure to tariffs and economic swings as it upgraded Trane Technologies (NYSE:TT) and Waste Management (NYSE:WM) to Buy given their strong fundamentals and attractive valuations.
The bank maintained its Buy rating on construction materials supplier Martin Marietta calling it a standout in a turbulent market shaped by tariff uncertainty and global trade instability.
On Trane Technologies, HSBC raised its price target to $415 from $405, saying recent concerns around data center growth and tariffs have created a buying opportunity.
The company’s premium position in HVAC and focus on sustainable innovation make it well-placed to deliver long-term earnings growth, they added.
While Waste Management upgraded to Buy with a price target of $265, up from $210, HSBC said the company’s defensive business model, strong pricing power, and sustainability-led growth make it a compelling pick.
Its landfill gas conversion into renewable energy was flagged as a long-term upside driver.
HSBC kept its $640 target on Martin Marietta unchanged and reiterated a Buy rating, saying the 20% drop in the stock offers an attractive entry point.
It expects EBITDA and EPS to grow 12% and 20% respectively in 2025, driven by infrastructure spending and tight supply dynamics.
HSBC said while the upcoming earnings season may be overshadowed by tariff talk and muted guidance, these three companies are well-positioned to weather macro uncertainty and deliver sustainable returns.
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