Goldman Sachs has a Buy rating on shares of Eaton Corp. ETN after it reported earnings.
In a note to clients, Goldman writes, "Given recent share price underperformance, we would expect shares to react favorably to 1Q results and the 4% increase in guidance at the high end of the range. We do not believe a guidance increase was anticipated given that ETN already raised guidance in late February. Moreover, we believe there remains solid upside to implied margin guidance at the high end as price/ cost balance should improve over the balance of the year from price initiatives and as volumes continue to ramp."
Shares of ETN are up 82 cents in pre-market trading to $53.45, a gain of 1.56%.
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