Why These 5 Stocks Are Trending on Tuesday

2. Eaton Corporation plc (NYSE:ETN) is down 3.47% as of 1:51 PM ET after the power management company was downgraded from an Equal Weight to an Underweight rating at Barclays. The price target on Eaton Corporation plc (NYSE:ETN) was also lowered from $145 to $120. The revised price target presents a potential downside of 8.77% from the last closing price. Eaton Corporation plc’s (NYSE:ETN) stock is down 21% YTD.

Eaton Corporation plc (NYSE:ETN) was mentioned in the Q1 2022 investor letter of ClearBridge Investments. Here’s what the firm said:

“We also added to Eaton (NYSE:ETN), a market leader in the electrical equipment industry and a position begun late in 2021. Eaton’s products enable the electrification of the power grid and, importantly, EV charging infrastructure. Share prices should benefit as EVs grow and investments increase to improve grid efficiency and resilience.”

Of the 912 hedge funds tracked at the end of Q1 2022, Eaton Corporation plc (NYSE:ETN) was held by 42 hedge funds.