UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, $70 PT on Eaton on Electrical Investor Day

In a report published Tuesday, Morgan Stanley analyst Nigel Coe reiterated an Equal-Weight rating and $70.00 price target on Eaton ETN.

In the report, Morgan Stanley noted, “We came away from ETN's Electrical Investor Day with greater visibility of its $590m revenue synergy plan. However, with limited quantitative details at this stage, we remain conservative by modeling ~50% of mgmt's guided top line benefits, but see opportunities for most cost synergies vs. plan.”

Eaton closed on Friday at $68.23.