Wolfe Research downgraded Eaton to Underperform from Peer Perform with a $312 price target. Eaton continues to outperform and the stock’s valuation is “becoming de-coupled from fundamentals,” the analyst tells investors in a research note. The firm says this “skews the risk/reward math decidedly negative.” Wolfe’s year-end price target sees 6% downside, but the sum-of-the-parts “is much lower,” the analyst adds.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ETN: