Eaton Corp plc Falls On Oppenheimer Downgrade

Eaton Corp PLC (NYSE: ETN) fell after it was downgraded by Oppenheimer from Outperform to Perform.

In a research note issued by analyst Christopher Glynn, he anticipated “range-bound trading” due to his view “that hydraulics and vehicle cycles may be mature, and ESS industry dynamics likely precipitate a revised ESS margin target.”

Glynn’s report assumed these challenges “render too large a gap between us and consensus to currently carry an Outperform.”

Eaton is down approximately 20 percent since July.

Eaton Corporation traded at $61.64 Thursday afternoon, down 1.66 percent.