UPDATE: Morgan Stanley Reiterates On United Technologies Corporation As Risks Are More Than Priced In

In a report published Friday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on United Technologies Corporation UTX, but lowered the price target from $129.00 to $124.00. In the report, Morgan Stanley noted, “We reiterate UTX as our top pick since upside to our lowered PT of $124 (from $129) remains very attractive relative to quality. We have reduced our 2015e to $7.30 on pension/FX headwinds, but we believe that negative EPS revisions are already embedded within UTX's unusual 10% discount to peers.” United Technologies Corporation closed on Thursday at $104.49.