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Upgrade Alert for Eaton (ETN)

By David Diaz

Eaton (NYSE:ETN) was upgraded from Hold to Buy at Argus Research today. The stock closed yesterday at $66.71 on volume of 2.7 million shares, below average daily volume of 2.7 million.

Eaton Corporation manufactures engineered products which serve industrial, vehicle, construction, commercial, and aerospace markets. The Company's principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls.

Eaton (NYSE:ETN) is currently priced 10.9% above its average consensus analyst price target of $59.43. The stock should find initial support at its 50-day moving average (MA) of $61.24 and further support at its 200-day MA of $56.22.

In the past 52 weeks, shares of Eaton have traded between a low of $46.19 and a high of $73.82 and closed yesterday at $66.71, which is 44% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Eaton on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $63.35. Since that recommendation, shares of Eaton have risen 3.9%. We continue to monitor ETN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Eaton

Ticker(s): ETN