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ETN

Eaton

$83.54

-0.05 (-0.06%)

16:32
08/29/18
08/29
16:32
08/29/18
16:32

Eaton units ordered to pay $293M by arbitration panel in Pepsi Bottling claim

Eaton announced that certain subsidiaries it acquired in the 2012 acquisition of Cooper Industries have been ordered to pay $293 million by an arbitration panel. The panel's award, issued on August 23, 2018, is related to claims brought by Pepsi-Cola Metropolitan Bottling Company, Inc. As Eaton previously disclosed, the dispute related to Pepsi's claims that it was harmed by a 2011 settlement agreement that resolved litigation Pneumo Abex, LLC had previously brought against various Cooper entities. The litigation involved, among other things, a guaranty related to Pneumo Abex's friction products business. Pepsi claimed that the value contributed to Pneumo Abex and a newly established trust in exchange for a release of the guaranty was substantially below reasonably equivalent value, and that an inability of Pneumo Abex to satisfy future liabilities may result in plaintiffs suing Pepsi under various theories. There are no other pending claims related to the contributions made for the release of the guaranty. Eaton intends to challenge the arbitration award on several grounds. Eaton estimates the impact of the arbitration award will be an after-tax expense of $205 million in the third quarter 2018, reducing third quarter earnings per share by 47c.

ETN Eaton
$83.54

-0.05 (-0.06%)

08/01/18
WELS
08/01/18
NO CHANGE
Target $92
WELS
Outperform
Eaton price target raised to $92 from $85 at Wells Fargo
Wells Fargo analyst Andrew Casey raised his price target for Eaton to $92 from $85 on modestly increased 2018 and 2019 expectations. The analyst reiterates an Outperform rating on the shares.
08/13/18
JPMS
08/13/18
UPGRADE
Target $92
JPMS
Overweight
Eaton upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Ann Duignan upgraded Eaton (ETN) to Overweight and raised her price target for the shares to $92 from $85. The company's mix of Electrical business is leveraged to later cycle end markets that are accelerating, Duignan tells investors in a research note. Further, she views the stock's valuation as compelling at current levels. Duignan coupled the upgrade of Eaton with a downgrade of Agco (AGCO) to Underweight from Neutral. The analyst sees deteriorating fundamentals for Agco with the German wheat crop expected to be down over 20% this season.
08/17/18
JPMS
08/17/18
NO CHANGE
JPMS
Class 8 Retails sales up 27% year-over-year, says JPMorgan
JPMorgan analyst Ann Duignan said ACT Research reported North American Class 8 retail sales of 25,839 units in July, up 27% year-over-year. Net orders were 52,629 units, representing the strongest monthly orders on record, and builds were 31,039 units, Duignan wrote in a note to investors.
08/20/18
MSCO
08/20/18
INITIATION
Target $86
MSCO
Equal Weight
Eaton initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated Eaton with an Equal Weight rating and a price target of $86. The analyst notes that while the company is well positioned in the near term with its persisting short-cycle strength in Electrical Products and Hydraulics, the bulls may be disappointed in 2019 as Eaton's restructuring savings taper off and its operating leverage returns to its "modest historical levels".

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