Eaton Snaps Up Green Motion SA In EV Push

Power management solutions and services provider, Eaton, announced the acquisition of Swiss-based, Green Motion SA. The latter is a designer and manufacturer of electric vehicle charging hardware and associated software.

President and COO of Eaton’s (ETN) Electrical sector, Uday Yadav said, “Energy transition around the world is rapidly gathering momentum, and Eaton is well positioned to contribute to society and benefit from this important trend.”

Yadav further added, “Electric vehicle charging infrastructure is among the areas where we expect to see significant growth over the next decade. Green motion’s proven charger designs and its advanced power and billing management software are powerful additions to Eaton’s existing energy storage and power distribution offerings.”

Last week, Eaton also announced the acquisition of Tripp Lite, a power quality products and connectivity solutions supplier for data centers, industrial, medical and communications markets. (See Eaton stock analysis on TipRanks)

On March 8, Berenberg Bank analyst Phil Buller upgraded the stock to Buy from Hold and raised the price target to $160 (18.6% upside potential) from $110. Commenting on the upgrade, Buller said, “In hindsight, we should have been more constructive on Eaton when initiating six months ago; we were being too cautious from a timing standpoint on the basis that 1) the shares had performed in line with electrical peers despite having aerospace exposure and 2) the important M&A roll-up strategy might stall given market uncertainties.”

Turning to rest of the Street, the stock has a Strong Buy consensus rating alongside an average analyst price target of $142.54 (5.7% upside potential) based on 10 Buys and 3 Holds. Shares have rallied 105.2% over te past year.

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