Jefferies analyst Stephen Volkmann reinstates coverage on Eaton Corporation (NYSE: ETN) with a Buy rating and a price target of $430.00.

The analyst comments: "With the completion of the Boyd Thermal acquisition we reinstate our BUY rating and establish a price target of $430 (~24x '26 EV/EBITDA). We have revised our estimates to reflect current guidance noting minimal earnings dilution once Boyd is factored in.

The completion of the Boyd Thermal acquisition enhances ETN's data center offering with a suite of thermal management and engineered products that include Coolant Distribution Units (CDUs), chillers, cold plates and heat exchangers. With an expected revenue stream of $1.7bn for 2026, nearly 90% data center derived. With the addition of Boyd the company now estimates capturing ~$3mn in sales opportunity per MW installed (Boyd adding $500k to the equation)."

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Shares of Eaton Corporation closed at $355.40 yesterday.