Analysts Bump Up Eaton Price Target Post Q3 Results

Wells Fargo analyst Joseph O'Dea raised the price target on Eaton Corporation PLC ETN to $173 (an upside of 2%) from $159 and maintained an Equal Weight rating on the shares.
The analyst notes that despite supply chain headwinds impacting revenue performance, Eaton was able to showcase its new margin profile, posting an "impressive" 19.9% adjusted op margin in Q3.
O'Dea adds the results highlight both portfolio transformation benefits and "impressive" execution.
Credit Suisse analyst John Walsh raised the price target to $184 (an upside of 8%) from $171 and maintained an Outperform rating on the shares after the company printed a "strong" Q3 operating margin.
Walsh notes both Electrical Americas and Global performed strongly in residential and data center markets, with organic orders up 17% and backlog reaching record levels.
Walsh adds that supply chain constraints, with particular reference to third-party suppliers, continue to impact revenue growth.
The analyst points out that management indicated these issues will likely not be resolved until after the first half of 2022 but said they expected sequential improvement.
Morgan Stanley raised the price target to $190 (an upside of 12%) from $175 and maintained an Overweight rating on the shares.
RBC Capital analyst Deane Dray raised the price target to $153 (a downside of 10%) from $152 and maintained a Sector Perform rating.
Barclays analyst Julian Mitchell raised the price target to $170 from $163 and maintained an Equal-Weight rating on the shares.
Price Action: ETN shares are trading lower by 1.23% at $169.52 on the last check Wednesday.

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