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.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TXT:
- Honeywell technologies selected by Bell Textron
- Textron price target raised to $95 from $85 at Jefferies
- Textron announces fleet order for up to 12 Cessna Citation business jets
- Sector Spotlight: U.S. budget to include DoD spending above expectations
- Army canceling RCV program, pausing howitzer competition, Breaking Defense says