UPDATE: Credit Suisse Raises Target to $53 on Eaton

Credit Suisse maintains its Neutral rating on Eaton

and raises its price target to $53 from $47 a share as the company continues to operate well, despite missing Q4 consensus and guiding below expectations. Credit Suisse says, " ETN's stock fell 2.5% after missing Q4 consensus and guiding approximately $0.15 below the street at the midpoint. Overall, ETN continues to operate well in a challenging market, however Electrical ROW bookings continue to decline coupled with slowing growth in US Electrical (we view as ST) and hydraulics. We adjust our 2012-2014 EPS est's to $4.33, $4.95, and $5.65 (from $4.35, $4.75, and $5.65). Our $53 TP (up from $47) is 7x our 2014 EBITDA est., discounted back." ETN closed at $48.93 a share on Thursday.