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Why Did Goldman Sachs Upgrade Textron?

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Priya Nigam
·1 min read
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Textron Inc. (NYSE: TXT) seems poised to benefit from improvement in the business jet market and the industrial and commercial helicopter segments, according to Goldman Sachs.

The Textron Analyst: Noah Poponak upgraded the rating for Textron from Neutral to Buy, while raising the price target from $45 to $71.

The Textron Thesis: A sharp decline in the used inventory available for sale in recent months indicates an improvement in the business jet market, “especially in Textron’s aircraft categories and for Cessna aircraft specifically,” Poponak said in the upgrade note.

“We expect this to translate to order growth and higher pricing at Cessna over the coming quarters,” he added.

The analyst expects Textron’s industrial and commercial helicopter segments to benefit from a broad economic recovery.

“We see substantial upside to consensus earnings estimates, investor expectations appear low, and valuation levels are among the lowest in our coverage,” he wrote further.

TXT Price Action: Shares of Textron had risen by 1.03% to $57.66 at the time of publication Thursday.

(Photo by Avel Chuklanov on Unsplash)

Latest Ratings for TXT

Apr 2021

Goldman Sachs

Upgrades

Neutral

Buy

Mar 2021

Barclays

Upgrades

Equal-Weight

Overweight

Feb 2021

Morgan Stanley

Maintains

Market Perform

Equal-Weight

View More Analyst Ratings for TXT
View the Latest Analyst Ratings

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