In a report published Monday, Morgan Stanley analyst Nigel Coe upgraded the rating on Eaton Corporation PLC ETN from Equal-Weight to Overweight, and raised the price target from $74.00 to $76.00.
In the report, Morgan Stanley noted, “There was much concern following ETN's lowering of FY13 guidance, but this outcome was one of our principal concerns and so not a major surprise. The reason for the revision was simply ETN's mix of more depressed end markets as opposed to mis-execution. Importantly, our proprietary work on end-market inventories and CapEx supports an outlook for ST acceleration and above-average growth into 2014 – we view this as a critical catalyst.”
Eaton Corporation PLC closed on Friday at $65.63.
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