UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on Eaton Corporation

In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating on Eaton Corporation

, and raised its price target from $50.00 to $54.00. Oppenheimer noted, “We believe the investment environment may continue to shift to favor shares of ETN. In our view, results of earnings season (including stock price reactions) serve to further the case that end markets are not imploding, but rather have settled into a slow to no growth global economy that is broadly settling into a pattern of overall stability (not an invigorating pattern to be sure, but distinctly better than fears into earnings). ETN shares typically underperform during periods of pronounced cyclical concerns (‘riskoff'); thus, should sentiment continue to shift to favor the view of a global economy lacking much growth but stable, we would expect ETN's current earnings levels could well command greater appreciation and higher capitalization.” Eaton Corporation closed on Tuesday at $43.84.