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Eaton upgraded to Buy at Goldman as organic growth seen inflecting

Apr. 10, 2018 3:32 PM ETEaton Corporation plc (ETN) StockETNBy: Carl Surran, SA News Editor4 Comments
  • Eaton (ETN +2.3%) is higher after Goldman Sachs upgrades shares to Buy from Neutral with an $88 price target, citing ETN management's indicating solid organic growth across most of the company's portfolio.
  • Goldman views ETN's margins as potentially conservative and believes the company can drive most of its targeted margin improvement through self-help.
  • Capital deployment could provide upside, the firm says, with ETN's net leverage at less than 2x and more than $5B of free cash flow estimated for 2018 and 2019.
  • Goldman also models $800M in buybacks each year in 2018-19, consistent with prior years, but it thinks ETN could put an additional $2.2B to work without adding leverage.

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