Eaton saw its IBD SmartSelect Composite Rating rise to 96 Tuesday, up from 92 the day before.
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The upgrade means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they kick off a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Eaton has now climbed above a proper buy zone after breaking out from a 363.42 buy point in a cup with handle.
The stock earns a 91 EPS Rating, meaning its recent quarterly and annual earnings growth is outpacing 91% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company reported 13% EPS growth for Q1. Revenue growth increased 7%, up from 5% in the prior quarter. That marks one quarter of accelerating revenue growth. The company's next quarterly report is expected on or around Aug. 5.
Eaton holds the No. 3 rank among its peers in the Electrical Power/Equipment industry group. Vertiv Holdings is the top-ranked stock within the group.
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