法巴银行列伊顿(ETN.US)为2026年首选标的 数据中心需求驱动下看涨近30%

Group 1: Investment Opportunity - BNP Paribas has identified Eaton Corporation (ETN.US) as a top investment pick for 2026, benefiting from accelerated demand for AI data centers, with a target price of $430, indicating nearly 30% upside from recent stock levels [1] - The optimistic scenario analysis suggests that if growth expectations are met, the stock could rise to $500 [1] - Despite improving sales trends, investor sentiment towards Eaton's data center business has cooled, presenting a potential investment opportunity [1] Group 2: Capacity Expansion and Profitability - Eaton's Electrical Americas division faced margin pressure last year due to capacity expansion to meet surging demand, with plans to build six final assembly facilities expected to be completed by early 2026 [2] - As capacity utilization and output increase, BNP Paribas anticipates a recovery in profit margins, with AI-driven data center sales expected to contribute meaningfully to earnings in the second half of this year [2] Group 3: Acquisition Impact - The report reassesses Eaton's acquisition of liquid cooling solutions provider Boyd, now projecting data center revenue growth rates exceeding 40% in the coming years, up from a previous mid-range estimate of 30% [3] - Boyd's technology allows Eaton to access higher-value segments within data centers, expanding its long-term market reach [3] - BNP Paribas expects Boyd's revenue to potentially double between 2025 and 2028 [3] Group 4: Vehicle Business Spin-off - Market reports indicate that Eaton is exploring options for its vehicle business, including a potential sale, with an estimated valuation of around $5 billion, higher than BNP Paribas's current assumptions [4] - A spin-off of this business could be well-received by investors, especially if proceeds are used to reduce debt or return capital to shareholders [5] - Overall, BNP Paribas believes Eaton is poised for a new growth phase as AI infrastructure spending accelerates, with earnings and profit margins set to catch up, reflected in visible order and sales growth trends [5]