UPDATE: Berenberg Upgrades Eaton Corporation (ETN) to Buy
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Berenberg analyst Philip Buller upgraded Eaton Corporation (NYSE: ETN) from Hold to Buy with a price target of $160.00.
The analyst comments "In hindsight, we should have been more constructive on Eaton when initiating six months ago; we were being too cautious from a timing standpoint on the basis that: 1) the shares had performed in line with electrical peers despite having aerospace exposure; and 2) the important M&A roll-up strategy might stall given market uncertainties. Alas, the “better entry point” we hoped for has not materialised – and nor will it, in our view. We upgrade to Buy."
Shares of Eaton Corporation closed at $137.39 yesterday.
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