In a report published Wednesday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on Eaton Corp PLC ETN, but lowered the price target from $90.00 to $86.00.
In the report, Morgan Stanley noted, “With the Vehicle spin taken off the table, the catalyst will simply be “execution”. So while we paint a compelling '15 story that should drive >20% upside over N12M, this is a situation where seeing will truly be believing. Further downside risk is likely limited given 8-10% FCF yield in ‘15/16.”
Eaton Corp PLC closed on Tuesday at $70.51.
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