UPDATE: Jefferies Lowers PT to $92 on United Technologies

A report from Jefferies reiterates its Buy rating and lowers its price target from $105 to $92 on United Technologies (NYSE: UTX).

The report states, “UTX Q3:2011 results were within our expectation, but the year ahead is likely to prove to be a bit more challenging than we might have first expected. The GR deal and Rolls-Royce deal seem on track, but the positive influence of both is likely to be felt only in 2013”.

UTX closed yesterday at $74.12.