UPDATE: Nomura Initiates Coverage on Textron as Cessna is Key Stock Driver - Textron (NYSE:TXT)

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In a report published Friday, Nomura analyst Shannon O'Callaghan initiated coverage on

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Textron

(NYSE: TXT) with a Neutral rating and $41.00 price target.In the report, Nomura noted, “We initiate coverage with a Neutral rating and $41 target price. Textron is becoming a better company under current management, but the Cessna cycle is not yet on its side. Production cuts and a gap ahead of new launches helped to set the bottom for Cessna deliveries in 2013, and new products should drive growth in 2014, but our comparison to the housing market suggests that there is still too much excess in the used light-medium jet market to drive a robust recovery in orders and pricing. Strong Industrial and better Systems execution more than offset the 2015 headwind at Bell from the V-22 shift to multi-year 2, and Finance is now small, which leaves Cessna as the key driver for the stock, in our view.”Textron closed on Thursday at $38.53.