Eaton reported third-quarter revenue up 28% year over year to a record $8.95 billion, above the LSEG consensus of $8.51 billion, while adjusted EPS rose 20% to $3.68 versus the $3.54 expected. Data center revenue jumped 65%, management raised its full-year outlook for the third time this year, and the $9.5 billion Boyd Thermal acquisition continued to contribute strongly. Shares rose almost 7% to about $391 in afternoon trading but remain below their August closing high of roughly $460. Eaton's tracking shows announced U.S. data center projects total 366 gigawatts, up from 307 gigawatts three months earlier, versus installed capacity of about 50 gigawatts. The article reiterates a hold-equivalent 2 rating and a $450 price target, while looking for signs that bearishness across the AI trade is easing.
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