Jefferies raised the firm’s price target on Eaton (ETN) to $440 from $400 and keeps a Buy rating on the shares as part of a broader research note previewing 2025 for the Machinery and Industrial sector. Approaching 2025, the landscape has changed as the markets have turned more bullish on industrial trends and with valuations near the high end of historical highs, the firm has to be “increasingly selective”, Jefferies states. Eaton shares are already well owned, but Jefferies believes the shares can continue to work, noting that the company is a “play on the electrification of everything” with the added kicker of continued growth in data centers looking durable.
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