Eaton Corp. (ETN) has gradually transformed itself from an automotive and truck component manufacturer into a diversified industrial enterprise with leading positions in its core electrical, hydraulic and aerospace market segments.
Eaton’s third quarter earnings of $1.60 outperformed the Zacks Consensus Estimate of $1.38, driven by 14% end-market growth. Also, bookings across the company’s business segments showed substantial growth, with greater strength at Electrical, Hydraulic and Aerospace. In our view, the company’s organic growth will be driven by strength in its end-markets.
Going forward, the company expects global market conditions to improve, especially international markets. We upgrade our recommendation for ETN to Outperform with a target price of $105.
EATON CORP (ETN): Free Stock Analysis Report
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