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COL

Rockwell Collins

$123.99

4.985 (4.19%)

, UTX

United Technologies

$118.97

-2.52 (-2.07%)

10:30
08/07/17
08/07
10:30
08/07/17
10:30

Rockwell Collins rallies with United Technologies seen considering pursuit

Shares of Rockwell Collins (COL) rallied in morning trading following reports that said United Technologies (UTX) is weighing a bid for the aircraft component maker. Analysts were mixed on a potential deal, with one analyst calling the deal timing "surprising" and stating he is "skeptical" of a deal and another noting that a deal could strengthen the Dow member. POTENTIAL BID: United Technologies is weighing a bid for Rockwell Collins, according to reports on Friday from Bloomberg and Reuters. According to Bloomberg, people familiar with the matter said it is not clear whether the two companies are currently in talks and whether the deliberations will lead to a deal. Rockwell Collins, which closed the acquisition of B/E Aerospace in April, has a market value of $19.3B, suggesting a potential deal would exceed United Technologies' 2012 purchase of Goodrich Corp for $18B. According to Reuters, Rockwell Collins is working with an investment bank to review United Tech's offer. United Technologies and Rockwell Collins have not commented on the reports. WHAT'S NOTABLE: A deal with United Technologies would open the way for Rockwell to capitalize on "connected aircraft" that can transmit data about onboard systems, routes and weather, allowing airlines to improve operations and maintenance, Reuters said. United Tech's Pratt & Whitney unit has faced production problems with some of its Geared Turbofan engines that caused Airbus (EADSY) to delay deliveries of the A320neo aircraft and the company has noted "challenges" in the China market. In 2016, United pulled out of talks related to a potential takeover by Honeywell (HON). "MIXED EVENT" FOR UNITED: In a note to clients, Wells Fargo analyst Sam Pearlstein said that while United has "long expressed interest" in adding avionics, the timing of its interest in Rockwell Collins is "surprising," partly because major airplane makers, including Boeing (BA), are considering moving into avionics and aftermarket as well. Pearlstein said he is "skeptical" that a deal is imminent, but if a transaction were to occur, he estimated that United would pay about $150 per share for Rockwell. Pearlstein has an Outperform rating on both stocks. Separately, JPMorgan analyst C. Stephen Tusa said that, at face value, an acquisition of Rockwell Collins would be a "mixed event" for United Technologies. While benefits would include a "solid" strategic rationale that plays into the broader aerospace sector narrative and some earnings accretion, the potential size of the acquisition dilutes the positives "somewhat" and would make achieving targeted returns a "challenge." Tusa also noted that a stock issuance could be required for United Technologies. RBC Capital analyst Matthew McConnell was more upbeat on a potential deal, telling clients that a deal has "ample strategic rationale" and would strengthen United Technologies, but noted that airplane makers have expressed opposition to similar deals in the past. McConnell, who raised his price target on Rockwell Collins to $133 from $120, thinks that there is a 50% chance of a deal taking place and believes Rockwell could be bought for $145 per share. PRICE ACTION: Shares of Rockwell Collins are up about 4% in morning trading to $123.43. Meanwhile, United Technologies is down 2% to $118.88.

COL

Rockwell Collins

$123.99

4.985 (4.19%)

UTX

United Technologies

$118.97

-2.52 (-2.07%)

EADSY

Airbus

$21.50

0.33 (1.56%)

HON

Honeywell

$138.90

-1.14 (-0.81%)

BA

Boeing

$238.79

1.08 (0.45%)

  • 07

    Aug

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    Aug

  • 08

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  • 15

    Aug

COL Rockwell Collins
$123.99

4.985 (4.19%)

08/07/17
JPMS
08/07/17
NO CHANGE
JPMS
Neutral
JPMorgan views potential Rockwell deal as mixed for United Technologies
JPMorgan analyst C. Stephen Tusa says that at face value, he would view an acquisition of Rockwell Collins (COL) as a "mixed event" for United Technologies (UTX). Benefits include a solid strategic rationale that plays into the broader aerospace sector narrative and some earnings accretion, Tusa tells investors in a research note after Bloomberg reported Friday that United Technologies is mulling the deal. However, the potential size of the acquisitions dilutes the positives somewhat and makes achieving targeted returns a challenge, Tusa contends. He adds that a stock issuance may be required for United Technologies. The analyst has a Neutral rating on the shares.
08/07/17
08/07/17
NO CHANGE

Wells says United Technologies unlikely to buy Rockwell Collins soon
After Bloomberg reported that United Technologies (UTX) is considering buying Rockwell Collins (COL), Wells Fargo calls the timing of its interest "surprising," partly because major airplane makers, including Boeing (BA), are considering moving into avionics and aftermarket as well. The firm thinks that this situation would increase the risk of an acquisition of Rockwell Collins for United Technologies. Wells is "skeptical" that such a deal is "imminent," but estimates that United would pay about $150 per share for Rockwell and says a 100% cash transaction would be 9% accretive for United. Wells keeps Outperform ratings on both stocks.
08/01/17
08/01/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Rockwell Collins (COL) upgraded to Buy from Hold at Canaccord with analyst Ken Herbert saying the selloff when Boeing (BA) said it would establish an avionics unit that could eventually bring more work in-house. 2. American Airlines (AAL) and Spirit Airlines (SAVE) were upgraded to Overweight from Neutral at JPMorgan. 3. Cabot Oil & Gas (COG) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Drew Venker saying Cabot offers "excellent" risk/reward in a volatile oil/gas price environment and said downside is limited from lower gas prices, due to a strong balance sheet and free cash flow. 4. Southern Company (SO) upgraded to Buy from Hold at Deutsche Bank with analyst Jonathan Arnold citing news that Scana (SCG) plans to abandon its two new nuclear units at the V.C. Summer site in South Carolina. 5. National Grid (NGG) upgraded to Buy from Hold at Berenberg with analyst Andrew Fisher citing the selloff in shares which creates favorable risk/reward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/17
RBCM
08/07/17
NO CHANGE
RBCM
Rockwell Collins could be acquired for $145 per share, says RBC Capital
After Reuters and Bloomberg reported that United Technologies (UTX) had made an unconfirmed bid to buy Rockwell Collins (COL), RBC Capital analyst Matthew McConnell estimates that Rockwell Collins could be acquired for $145 per share. The analyst says that the deal would strengthen United Technologies and has "ample strategic rationale," although he notes that airplane makers have expressed opposition to similar deals in the past. He adds that the deal "would move" United Technologies "up the technology curve" and enable it to enter the avionics business which he says has high barriers of entry. McConnell thinks that there is a 50% chance of a deal taking place and raised his price target on Rockwell Collins to $133 from $120. He keeps a Sector Perform rating on Rockwell Collins.
UTX United Technologies
$118.97

-2.52 (-2.07%)

07/10/17
UBSW
07/10/17
NO CHANGE
Target $135
UBSW
Buy
United Technologies price target raised to $135 from $123 at UBS
UBS analyst David Strauss raised his price target for United Technologies to $135 and keeps a Buy rating on the shares. Higher consensus earnings per share expectations for 2018 to slightly above $7.00 are justified on improving Europe, strong aero aftermarket and a weaker U.S. dollar, Strauss tells investors in a research note. The analyst expects a 2017 guidance raise, but later in the year rather than in Q2.
EADSY Airbus
$21.50

0.33 (1.56%)

01/05/17
MSCO
01/05/17
UPGRADE
MSCO
Overweight
Airbus upgraded to Overweight from Equal Weight at Morgan Stanley
Price target EUR 76.
03/21/17
BERN
03/21/17
NO CHANGE
BERN
Airbus shares poised to outperform over the long-term, says Bernstein
Bernstein analyst Douglas Harned expects Airbus' earnings and cash flow growth to accelerate significantly in 2018-2019, enabling the stock to outperform. He raised his price target on the name to EUR88 from EUR83.
02/23/17
JPMS
02/23/17
UPGRADE
JPMS
Overweight
Airbus upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst David Perry upgraded Airbus to Overweight and raised his price target for the shares to EUR 88.50 from EUR 68.
01/05/17
JPMS
01/05/17
UPGRADE
JPMS
Neutral
Airbus upgraded to Neutral from Underweight at JPMorgan
HON Honeywell
$138.90

-1.14 (-0.81%)

07/25/17
FBCO
07/25/17
NO CHANGE
Target $139
FBCO
Neutral
Honeywell price target raised to $139 from $131 at Credit Suisse
Credit Suisse analyst Julian Mitchell raised his price target for Honeywell to $139 from $131 following Q2 earnings. The analyst reiterates a Neutral rating on the shares.
07/24/17
OPCO
07/24/17
NO CHANGE
Target $155
OPCO
Outperform
Honeywell price target raised to $155 from $148 at Oppenheimer
Oppenheimer analyst Christopher Glynn raised his price target for Honeywell to $155 from $148 as he expects headroom for multiple expansion, on consistent OM execution, and stabilizing backdrop for organic improvement, and prospective execution improvement. The analyst reiterates an Outperform rating on the shares.
04/28/17
BOFA
04/28/17
NO CHANGE
Target $145
BOFA
Buy
Third Point involvement will accelerate Honeywell re-rating, says BofA/Merrill
BofA/Merrill analyst Andrew Obin said Third Point's stake in Honeywell will likely accelerate a re-rating in shares. Obin said Honeywell's discounted valuation is likely due to lower free cash flow conversion versus the group due to pension accounting and expects improving free cash flow conversion to remove concerns regarding earnings quality. The analyst also said, if Third Point is successful in arguing for the spin-off of the Aerospace unit, shares could clos the gap with tis Multi-Indusry peers. The analyst rates Honeywell a Buy with a $145 price target.
06/21/17
HSBC
06/21/17
INITIATION
HSBC
Buy
Honeywell initiated with a Buy at HSBC
HSBC analyst Debashis Chand started Honeywell with a Buy rating and $147 price target.
BA Boeing
$238.79

1.08 (0.45%)

08/03/17
FBCO
08/03/17
NO CHANGE
Target $80
FBCO
Outperform
Spirit AeroSystems price target raised to $80 from $74 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Spirit AeroSystems (SPR) to $80 from $74 following the "surprise announcement" that the company had reached a key master pricing agreement with Boeing (BA). The analyst expects shares to be up strongly, followed by profit takers who, once the euphoria wears off, would resume worrying about aerostructures supplier disintermediation and the possible price reductions Spirit AeroSystems may have agreed to down the road. Spingarn reiterates an Outperform rating on Spirit AeroSystems' shares.
08/01/17
ADAM
08/01/17
UPGRADE
Target $125
ADAM
Buy
Rockwell Collins upgraded to Buy at Canaccord
As previously reported, Canaccord analyst Ken Herbert upgraded Rockwell Collins (COL) to Buy from Hold. The analyst noted the selloff yesterday when Boeing (BA) said it would establish an avionics unit that could eventually bring more work in-house. He believes Rockwell Collins is relatively well protected in its markets and has a very strong reputation with Boeing as a top supplier. Herbert, who sees upside potential across the company's entire portfolio, raised his price target to $125 from $108 on Rockwell Collins shares.
07/31/17
JPMS
07/31/17
NO CHANGE
Target $280
JPMS
Overweight
Boeing price target raised to $280 from $240 at JPMorgan
JPMorgan analyst Seth Seifman raised his price target for Boeing to $280 to reflect double digit increases in his free cash flow per share and core earnings per share estimates for 2019 to $20 and $13.60, respectively. The analyst views the company's September investor meeting as the next catalyst and keeps an Overweight rating on Boeing shares.
08/01/17
ARGS
08/01/17
NO CHANGE
ARGS
Boeing price target raised to $270 from $240 at Argus
Argus analyst John Eade raised his price target on Boeing after the company delivered beat and raise results. The analyst is upbeat on the stock due to what he sees as its "significant backlog" and its high exposure to the commercial aerospace sector. He keeps a Buy rating on the shares.

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