BofA/Merrill analyst Ronald Epstein downgraded Textron to Neutral from Buy with a price target of $50, down from $78. The analyst states that he was previously more constructive on signs of a recovery in the business jet end market along with stronger company operations, but now sees a "softening" end market and a more "lackluster" operating recovery. Epstein adds that the aftermarket could support Aviation margins and notes that Textron has a clean balance sheet, but with higher risks to earnings, he expects the stock to trade below the historical average earnings multiple.
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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here
Check out this morning's top movers from around Wall Street, compiled by The Fly. UP AFTER EARNINGS... To see the rest of the story go to thefly.com. See Story Here