Eaton initiated with an Outperform at Daiwa

Daiwa initiated coverage of Eaton (ETN) with an Outperform rating and $390 price target The company is benefitting from investments in data center and electricity grid, the analyst tells investors in a research note. The firm believes the recent pullback in the shares could offer an attractive entry point for long-term investors, saying concerns around Eaton’s margins and backlog growth should be transitory.