CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We are adding Eaton Corporation (ETN) to the portfolio as we believe the company is well positioned to benefit from new investments being made into the construction of reshored manufacturing facilities, including semiconductor plants and electric vehicle factories. Reshoring of manufacturing will meaningfully drive demand within ETN’s Electrical business given the essential need for new energy management systems, power distribution equipment, and related software. In addition, ETN’s backlog is at record levels on solid demand trends, providing a degree of cushion amid macro uncertainty. ETN will replace Tetra Tech, Inc. (TTEK 152 NR), which we recently dropped coverage on.