Meritor settlement with Eaton disappoints, says JPMorgan JPMorgan says the $209M Meritor (MTOR) will receive in its settlement with Eaton (ETN) fell short of its $450M estimate. The firm views the agreement as a disappointment and lowered its price target for shares to $14.50 from $15.50. JPMorgan thinks event-driven shareholders exiting the stock could prove a medium-term positive, however, and it keeps a Neutral rating on Meritor.
Meritor downgraded to Equal Weight from Overweight at Barclays Barclays downgraded Meritor to Equal Weight saying currency headwinds and soft Brazil truck trends put consensus estimates at risk. The firm cut its price target for shares to $15 from $17.