Wells Fargo Downgrades Cooper Industries (CBE) to Market Perform; Eaton (ETN) Deal on Track

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Wells Fargo downgraded Cooper Industries (NYSE: CBE) from Outperform to Market Perform with a price target range $68-72 from $70-74.

Analyst, Richard M. Kwas, said, "On May 21, Eaton (NYSE: ETN) announced that it
would acquire CBE for $72/share in a combined cash/stock transaction and form a new company called Eaton Global Corporation plc. The transaction is expected to close in calendar Q4."

For an analyst ratings summary and ratings history on Cooper Industries click here. For more ratings news on Cooper Industries click here.

Shares of Cooper Industries closed at $66.50 yesterday, with a 52 week range of $41.15-$72.21.

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