UPDATE: JP Morgan Resumes Overweight, Lower $98 PT on United Technologies

JP Morgan resumed its coverage on United Technologies UTX with an Overweight rating and a price target of $98 (previously $102). JP Morgan commented, "We resume coverage of United Technologies following a period of restriction with an OW rating and a Dec 13 price target of $98 (previously an OW rating and Dec 12 price target of $102). Two common characteristics of a successful longterm investment are a modest valuation at the entry point and a solid, consistent growth rate. We believe that the acquisition of Goodrich significantly increases the company's long-term growth profile, and the stock trades at 12x our 2013 EPS estimate vs a historical forward multiple in the 14x range." United Technologies closed at $74.28 on Friday.