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UPDATE: Goldman Sachs Group Resumes Coverage on United Technologies Corporation with Neutral Rating, $84 PT

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In a report published Wednesday, Goldman Sachs Group resumed coverage on United Technologies Corporation (NYSE: UTX) with a Neutral rating and $84.00 price target.

Goldman Sachs noted, “We resume coverage of United Technologies (UTX) with a Neutral rating and 5% upside to our $84, 12-month price target. We believe UTX is a high quality company, well positioned for long-term emerging market driven growth, and that the second derivative in key end markets (aerospace aftermarket, China, construction) is turning. However, medium-term total earnings growth is likely to be slower than most of our Commercial Aerospace coverage while valuation is ahead, the stock's defensive characteristics may lead it to underperform in a mid-cycle period (as they have in the past), and there are a few outsized execution risks.”

United Technologies Corporation closed on Tuesday at $80.14.

Posted-In: Goldman Sachs GroupAnalyst Color Initiation Analyst Ratings

 

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