Eaton upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded Eaton (ETN) to Overweight from Sector Weight with a $340 price target following the investor day. The recent pullback in the shares provides a “unique entry point” into one of the “highest-quality names” in the sector, the analyst tells investors in a research note. The firm says that while Eaton’s valuation now within its historical range, the company’s “clear path” to earnings upside from electrification and aerospace momentum paired with support from capacity additions justifies a more positive stance without the need for a “meaningful re-rating.”