2024-02-02 10:40:42 ET
Summary
- Eaton Corporation beat expectations in 2023 and will grow EPS around 10% in 2024.
- Eaton has become a secular grower thanks to large projects underway in electrification and reindustrialization.
- The run-up in share price during 2023 suggests the market has priced in this growth. At current levels, Eaton stock is a Hold.
Market Recognizes Secular Growth
It has been six months since I last wrote about Eaton Corporation ( ETN ), where I concluded that the company had successfully transitioned to a secular grower due to its exposure to trends in electrification, green energy, and digitalization. The company has been further helped by government policies including infrastructure spending and "reindustrialization", or reshoring of manufacturing capability....
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Eaton Corporation: Great Growth Now Priced In