UPDATE: Goldman Sachs Raises Target to $31 on Textron

Goldman Sachs maintains its Buy rating on Textron

and raises its price target to $31 from $27 a share on strong quarter results and guidance ahead of consensus. Goldman Sachs says, "TXT has made several leadership changes over the past few years, and all appear to now be paying major dividends – the company has managed the TFC wind down and actually generated shareholder value out of it, restructured the balance sheet, introduced new Cessna product and taken share back, made a huge comeback in Bell commercial sales, and improved operational performance in almost every segment. In our view TXT now looks capable of earning greater than $2 at the absolute trough of a brutally deep business jet cycle, and the stock closed today below $25, even after a 15% move, leaving plenty of upside potential." TXT closed at $24.76 a share on Wednesday.