Eaton initiated with an Outperform at Bernstein

Bernstein analyst Chad Dillard initiated coverage of Eaton (ETN) with an Outperform rating and $382 price target as part of a broader research note launching coverage on select names in low / medium voltage electrical equipment sector. Electricity demand is entering an era of secular growth with the world changing the way energy flows, and the infrastructure build-out to support these megatrends is in its early stages, the analyst tells investors in a research note. Bernstein adds that Eaton has “exposure to the right markets” with 70% of its sales tied to electrical equipment, and with 40% of that tied to data centers, reshoring, and electric grid.