Textron downgraded to Neutral at BofA on near-term challenges

As previously reported, BofA downgraded Textron (TXT) to Neutral from Buy with a price target of $85, down from $110. The firm thinks business jet fundamentals “remain robust,” but also thinks supply chain and labor headwinds may limit how quickly Textron can execute on its backlog and will likely pressure performance in the short-term, the analyst tells investors.