UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on Eaton Corp PLC as Vehicle Spin is Off the Table

In a report published Wednesday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on

, 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.