UPDATE: Early Bird Capital Upgrades Textron to Buy

Early Bird Capital raises its rating on Textron

to Buy and raises its price target to $30 on a strong 4Q11 from the company. Early Bird Capital notes, "TXT reported 4Q11 EPS of ($0.06) on revenue of $3.3 billion versus our expectations of GAAP EPS of $0.20 on revenue of $3.2 billion. On a non-GAPP basis EPS was closer to $0.49 (versus our expectation of $0.30), adjusting for several one-time items. The Street was looking for EPS of $0.33 on revenue of $3.3 billion. Strength in the quarter was attributed to most segments, with the exception of Systems, which is challenged given the backdrop of tightening defense budgets." TXT closed at $24.76 a share yesterday.