UPDATE: Correction - Jefferies Downgrades Eaton Corporation (ETN) to Hold; Moderated NAFTA Truck Forecast
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Price: $68.88 +0.28%
Rating Summary:
13 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
13 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade ETN Now!
(Updated - July 18, 2012 7:48 AM EDT)
Correction - Jefferies downgrades Eaton Corporation (NYSE: ETN) from Buy to Hold with a price target of $40.00 (from $60.00).
Analyst, Stephen Volkmann, said, "Downgrading due to 1) a slower European electrical outlook; 2) a lower N.A. truck forecast; and 3) larger currency headwinds. While we like the pending acquisition of Cooper Industries (NYSE: CBE)(Not Covered) we believe the shares are probably range bound as we await closure near year end."
"We are trimming our estimates based on a weaker European outlook (mostly
electrical) as well as a moderated NAFTA truck forecast (275k vs. 285k for 2012)." (FY12 EPS estimate lowered from $4.50 to $4.10 and FY13 from $5.15 to $4.70)
For an analyst ratings summary and ratings history on Eaton Corporation click here. For more ratings news on Eaton Corporation click here.
Shares of Eaton Corporation closed at $38.37 yesterday, with a 52 week range of $33.09-$53.23.
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Correction - Jefferies downgrades Eaton Corporation (NYSE: ETN) from Buy to Hold with a price target of $40.00 (from $60.00).
Analyst, Stephen Volkmann, said, "Downgrading due to 1) a slower European electrical outlook; 2) a lower N.A. truck forecast; and 3) larger currency headwinds. While we like the pending acquisition of Cooper Industries (NYSE: CBE)(Not Covered) we believe the shares are probably range bound as we await closure near year end."
"We are trimming our estimates based on a weaker European outlook (mostly
electrical) as well as a moderated NAFTA truck forecast (275k vs. 285k for 2012)." (FY12 EPS estimate lowered from $4.50 to $4.10 and FY13 from $5.15 to $4.70)
For an analyst ratings summary and ratings history on Eaton Corporation click here. For more ratings news on Eaton Corporation click here.
Shares of Eaton Corporation closed at $38.37 yesterday, with a 52 week range of $33.09-$53.23.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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