Information Provided By:
Fly News Breaks for January 22, 2020
ETN
Jan 22, 2020 | 09:18 EDT
Stephens analyst Rob McCarthy noted that sources have stated that Eaton's hydraulics business was sold for 13.2 times EBITDA and 1.5 times 2019 revenue and he believes investors will bid up the stock on the "clean exit" and positive portfolio disposal. McCarthy, who applauds the exit, reiterated an Overweight rating and $110 price target on Eaton shares.