UPDATE: Bank Of America Reiterates On United Technologies Following Model Update

In a report published Wednesday, Bank of America analyst Ronald J. Epstein reiterated a Buy rating on

, but lowered the price target from $130.00 to $125.00. In the report, Bank of America noted, “We like UTX's balanced growth, end-market exposure, op leverage and execution. UTX has strong mkt positions in both aero/def and global infrastructure with a portfolio that includes: Otis, Hamilton Sundstrand, Pratt & Whitney, Sikorsky and Climate, Controls & Security (legacy Carrier, Fire & Security ). Global balance and end-market diversification provide a hedge during periods of economic uncertainty. A conservative BS and strong FCF conversion allow for continued share buy backs and M&A.” United Technologies closed on Tuesday at $110.86.