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Fly News Breaks for March 12, 2019
ETN
Mar 12, 2019 | 07:57 EDT
As previously reported, KeyBanc analyst Jeffrey Hammond upgraded Eaton to Overweight from Sector Weight, with a $93 price target, as he believes the stock has traded at an "unwarranted discount" to peers. Regarding the company's portfolio action, given the fragmented nature of the lighting market and Eaton's leading competitive position therein, the analyst expects a number of logical suitors to emerge, rendering a sale, rather than a tax-free spin, as the likeliest transactional outcome for Lighting. More broadly, given the company's attractive late-cycle mix coupled with a renewed emphasis on organic growth, and enhanced free cash flow optionality, he believes Eaton is uniquely positioned to both thrive in a healthy fundamental environment and weather the storm should a recession ensue.
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