UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Eaton Corporation on 4Q Model

In a report published Wednesday, Jefferies reiterated its Hold rating on Eaton Corporation

, and raised its price target from $50.00 to $65.00. Jefferies noted, “Better than expected sales and higher operating margins were offset by higher than expected interest expense and additional restructuring costs as ETN took steps to resize businesses to accommodate current demand expectations for 2013. The company's 2013 revenue outlook for end market growth of 2-3% could prove conservative if construction markets rebound ahead of expectations.” Eaton Corporation closed on Tuesday at $59.37.