With first quarter earnings rolling in, it's pretty clear that conditions in the industrial world aren't much better than "alright". In a market with normal valuations and expectations that would be okay, but with a lot of analysts expecting a strong second half and ongoing margin expansion that thesis is looking a little wobbly. Eaton (ETN) remains a solid industrial play, but the valuation today puts it in the difficult gray area between "good hold, but not a great buy".
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Eaton On Target, But The Details Bear Watching
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