- Barclays maintains a Neutral rating on the U.S. multi-industry sector due to a weaker emerging market outlook, higher emerging market foreign exchange risk and slower export markets, but initiates the firm's largest estimate cut since 2008 by downgrading five names within the sector.
- The firm cuts Eaton (NYSE:ETN), Rockwell Automation (NYSE:ROK), Rexnord (NYSE:RXN) and Tyco International (TYC) to Equal Weight from Overweight, and downgrades Colfax (NYSE:CFX) to Underweight from Equal Weight.
- However, Barclays upgrades ADT Corp. (NYSE:ADT) to Equal Weight from Underweight, as the stock seems low enough to be considered fairly valued after a tough couple of years, and ADT's exposures to U.S. housing are "comfortable" vs. peers; the firm says its changed view on ADT is not a bullish upgrade, with long-term concerns related to rising technology threats such as home automation.