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Fly News Breaks for January 13, 2020
ETN
Jan 13, 2020 | 08:27 EDT
As previously reported, KeyBanc analyst Jeffrey Hammond downgraded Eaton to Sector Weight from Overweight as he fails to see enough earnings momentum or multiple runway to support further share upside at this time. Catalyzed by the Lighting announcement in March, Eaton's multiple has expanded about 2-times and now sits above the high end of its historical range, he notes. This, combined with some prevailing earnings risk, primarily within the Electrical businesses, leaves him with a more balanced view on the stock heading into 2020.