UPDATE: Stifel Nicolaus Initiates Buy, $59 Target on Eaton Corporation
Stifel Nicolaus initiates its coverage on Eaton Corporation (NYSE: ETN) with a Buy rating and a price target of $59 on growth an margin expansion outlook.
Stifel Nicolaus says, "Although Eaton operates in cyclical end markets, the company has a good mix of early, mid, and late cycle end markets. Even though growth rates in industrial, data center construction, and certain power quality markets appear to be slowing, growth in industrial construction, aerospace, U.S. heavy truck, and U.S. auto markets is accelerating. We forecast a 6% organic revenue CAGR over the next four years."
ETN closed at $49.01 a share yesterday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.