Eaton Corp’s Price Target, Estimates Raised at Barclays Capital (ETN)

By Dividend.com,  May 27, 2010, 08:55:00 AM EDT

Power management company Eaton Corporation ( ETN ) saw its price target and earnings estimates boosted on Thursday by analysts at Barclays Capital.

The firm said it now sees shares of ETN reaching $83, which represents more than a 21% upside to the stock's Wednesday closing price of $68.27. Barclays Capital also raised its earnings estimates for the company, citing higher expected growth prospects, and maintained its "Equal-weight" rating.

Eaton Corp shares rose $3.88, or +5.7%, in premarket trading Thursday.

The Bottom Line
We had removed shares of ETN from our recommended list on Nov.17, when the stock was trading at $65.99. The company has a 2.93% dividend yield, based on last night's closing stock price of $68.27. The stock has technical support in the $62-$65 price area. If the shares can firm up, we see overhead resistance around the $75 price level. We would remain on the sidelines for now.

Eaton Corporation ( ETN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: ETN



Latest News Video

Tornado Outbreak Hits Midwest, 1 Death Reported
Tornado Outbreak Hits Midwest, 1 De...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.43 0.07  0.52%
CSCO $ 24.24 0.35  1.48%
MSFT $ 34.87 0.79  2.32%
F $ 15.08 0.44  3.01%
ARUN $ 13.10 4.51  25.61%
SIRI $ 3.50 0.05  1.45%
GE $ 23.46 0.19  0.82%
S $ 7.32 0.04  0.55%