Barclays lowered the firm’s price target on Eaton to $185 from $198 and keeps an Underweight rating on the shares. The analyst thinks the outlook for large project capex is softening into 2024 amid high interest rates, high inflation and weaker growth. In multi-industry, long cycle Industrial outgrowth versus residential “has probably peaked, and should start to fade,” the analyst tells investors in a research note. The firm worries that the consensus positioning for multi-industry “is very crowded,” and may start to appear quite “backwards looking” moving into 2024.
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