Eaton downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Christopher Glynn downgraded Eaton to Perform from Outperform without a price target. The analyst cites valuation for the downgrade with the shares near the firm’s prior price target "in an environment with limited capacity to argue for multiple expansion or earnings upside." The rating change reflects price target discipline, not a fundamental shift in view of the business, Glynn tells investors in a research note. He also sees potential year-end channel inventory destocking, with slowing ISM, and potential "lagged effect of rates/inflation catching up to end demand and channel urgency for inventory."