As previously reported, Goldman Sachs downgraded Textron (TXT) to Neutral from Buy with a price target of $85, down from $95. While the firm still believes that business jet supply and demand is tight and that the FLRAA win is a large new earnings contributor, upside in the stock has yet to materialize, the analyst tells investors. Business jet fundamentals are “solid,” but no longer incrementally improving, while Textron appears to be losing share in business jets and there is limited growth at Systems and Industrial, the analyst tells investors.
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