Eaton price target raised to $355 from $325 at Wells Fargo

Wells Fargo analyst Joseph O’Dea raised the firm’s price target on Eaton (ETN) to $355 from $325 and keeps an Overweight rating on the shares. Following Eaton’s Q1 earnings, the firm walked away feeling the underlying demand for Electricals remains uniquely robust, despite headline concerns about momentum. Looking out, KeyBanc has incremental conviction in its long-term thesis, as it feels Data Center will be a source of durable long-term growth and believes Eaton is well-positioned to outperform in the more uncertain macro backdrop due to high secular exposure and its local-for-local supply chain.