Billionaire Phillipe Laffont’s Top 10 “Mostly AI” Stock Picks

6. Eaton Corporation Plc (NYSE:ETN)

Wall Street expects Eaton Corporation Plc (NYSE:ETN) earnings to grow 10% next year, however, the stock price growth could remain capped given the already strong bull run the company saw. The stock has gained about 67% over the past one year and is trading at 30X FY24 consensus EPS estimate of $10.50 and 28x FY25 EPS estimate of $11.70. This is much higher than the stock’s 5-year average forward P/E of 22.32x.

Currently, Coatue Management holds the largest amount of shares of Eaton Corp Plc (NYSE:ETN) with 1 million shares worth $1.29 billion.

Carillon Eagle Growth & Income Fund stated the following regarding Eaton Corporation Plc (NYSE:ETN) in its first quarter 2024 investor letter:

“Eaton Corporation Plc (NYSE:ETN) traded higher after announcing better than expected quarterly results as well as providing guidance that was ahead of expectations for the fiscal year. The electrical power equipment company also announced a proactive multi-year restructuring program, enabling Eaton to continue growing while also reducing costs.”

Ave Maria World Equity Fund stated the following regarding Eaton Corporation Plc (NYSE:ETN)  in its first quarter 2024 investor letter:

“Eaton Corporation Plc (NYSE:ETN) is an intelligent power management company. The company is a long-term beneficiary in the trend towards electrification, energy transition and digitalization. Eaton is also benefiting from unprecedented global stimuli such as the Inflation Reduction Act, Infrastructure Investment and Jobs Act, the Chips and Science Act and the EU recovery plan known as the NextGenerationEU.”