UBS analyst Markus Mittermaier upgraded Eaton to Buy from Neutral with a price target of $121, up from $98. The market is not ascribing enough value to the margin benefit from the sale of the company's fluid conveyance business or the growth Eaton should realize within its ESS segment from large scale projects expected to come on-line in the second half of 2021, Mittermaier tells investors in a research note. The analyst expects the stock to re-rate higher as the company closes the sale of "three highly cyclical and margin-detrimental businesses." He believes the divestments should enhance Eaton's margin profile driven by electrical and aerospace exposure.