Investing Club: Eaton's Strong Quarter Could Mark a Bottom for Shares

According to CNBC, Eaton's third-quarter revenue rose 28% year over year to a record $8.95 billion, while adjusted earnings per share increased 20% to $3.68; both exceeded estimates. The company raised its full-year organic growth outlook to 13% to 15%, from 11% to 13%, and increased its adjusted EPS forecast to $13.70 to $13.80, from $13.40 to $13.60. Data center revenue climbed 65% year over year. The Investing Club's analysis said the results could help establish a floor for Eaton shares, which rose almost 7% in afternoon trading to about $391 but remained below an August closing high of roughly $460. The club maintained its hold-equivalent rating and $450 price target.