UPDATE: Deutsche Bank Lowers PT on United Technologies from $92 to $90
Deutsche Bank reiterated a Buy rating on United Technologies (NYSE: UTX) and lowered its price target from $92 to $90.
Deutsche Bank wrote, “With expectations into the quarter relatively low, the concurrent closure of the Goodrich acquisition, and optimism that '13 will be brighter than '12, shares eked out a small gain despite the lower guidance outlook for '12 offered ($5.25-5.35 from $5.30-5.50). Most of the downside had already been highlighted during the quarter at our June conference, but formalized downside did cause us to trim our '12/'13 numbers further. We expect the stock to gain traction as investors visibility into 2013 improves on both the portfolio shaping at UTC as well as the business compares ease. Reiterate Buy.”
United Technologies closed at $74.28 on Friday.
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Tags: Deutsche Bank