The bullish firms note that ETN’s growth drivers include potential for economic recovery, demonstrated ability to outgrow end markets, and benefits of strong free cash generation.  Eaton has gradually transformed itself from an automotive and truck component manufacturer into a diversified industrial enterprise with leading positions in its core (and relatively faster growing) electrical, hydraulic, and aerospace market segments.  Although Eaton’s key Electrical business is inherently later-cycle in nature, given its exposure to non-residential construction, the firms see upside relative to consensus in the next two years, based on the expectations that spending on oil and gas infrastructure (a key market for Eaton) will outperform broader non-residential construction activity.  Additionally, Eaton’s Truck and Auto segments are well-positioned for a meaningful recovery in 2010, following a period in which cuts in market production greatly exceeded sales declines.  The firms continue to find value in the shares based on the near-term prospects for significant operating leverage to any broader economic recovery and the Company’s longer-term secular growth prospects.