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Fly News Breaks for October 22, 2019
TXT
Oct 22, 2019 | 06:12 EDT
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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