Morgan Stanley raised the firm’s price target on Eaton to $238 from $235 and keeps an Overweight rating on the shares. Commentary at the firm’s annual Laguna conference last week continues to support a strong megaproject and electrification environment. While the backlog is likely to level off until “the wave of orders in 2024,” supply is likely a bigger gating factor than demand and FY24/FY25 consensus “looks low,” even with portfolio growth context, the analyst tells investors.
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