Jefferies Raises Price Target and Estiamtes On Eaton Corporation (ETN)

Jefferies raised estiamtes and its price target on Eaton Corporation (NYSE: ETN) from $55 to $57 following better-than-expected Q2 results.

The firm comments, "2Q EPS of $0.97, excluding items, was $0.07 better than our estimate and compared to consensus of $0.95. A lower than modeled tax rate was a $0.03 benefit with volumes accounting for the difference. Margins are expected to improve as volumes continue to build through the year. We are increasing our PT to $57 on an improved EPS outlook, though maintain our Hold rating as valuation is in-line with the peer group."

FY12 EPS estimates go from $3.90 to $4.10 and FY12 goes from $4.60 to $4.85.

For more ratings news on Eaton Corporation click here and for the rating history of Eaton Corporation click here.

Shares of Eaton Corporation closed at $51.16 yesterday.

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