Friday December 21, 04:44 PM
Eaton "neutral," target price raised
NEW YORK, December 21 (newratings.com) - Analyst J Cook of Credit Suisse maintains his "neutral" rating on Eaton Corporation (NYSE: ETN - news) (ticker:
ETN), while raising their estimates for the company. The target price has been raised from $103 to $105.
In a research note published this morning, the analyst mentions that the company has announced two acquisitions aimed at boosting its electrical exposure to 44% of its total sales. The acquisition of Moeller and Phoenixtec is expected to boost Eaton's overseas business from 50% to 55%, the analyst adds. The company has guided to 2008 revenue growth of 25% and EPS growth of 15%-20%, ahead of the estimates. The EPS estimate for FY08 has been raised from $7.60 to $7.80.
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