Eaton Reports Modest Improvement in Sales and Margins Amid Persistently Tough Environment in 2Q
We’re increasing our fair value estimate for narrow-moat Eaton to $76 per share from $74 on time value of money since our last update. Shares sold off as management narrowed its 2017 EPS guidance range by $0.05 on each end, to $5.50-$5.70. Rising commodity costs, mixed economic indicators, and persistent weakness in some of Eaton’s most challenged end markets appear to dim the prospects for accelerated revenue and margin growth for the remainder of the year; nevertheless, we believe that Eaton i...
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