In a report published Monday, J.P. Morgan reiterated its Overweight rating on Eaton Corporation ETN, and raised its price target from $63.00 to $70.00.
J.P. Morgan noted, “Maintaining our Overweight rating. Our Overweight rating on ETN is predicated on the company's mix of business, which is well balanced between early cycle (truck and automotive), mid-cycle (hydraulics), and late cycle (aerospace and nonresidential electrical equipment). Going into 2013, we prefer companies that have U.S. construction exposure and in particular stocks that have company-specific catalysts. In our view, ETN fits both of these criteria and is one of our top ideas for 2013 as following the CBE acquisition it has ~25% exposure to U.S. construction. Additionally, CBE delivers lower earnings volatility, which should support a rerating closer to the electrical/conglomerate peer group.”
Eaton Corporation closed on Friday at $62.66.
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