UPDATE: Bank of America Raises Price Target on Textron to $29

According to Bank of America, Textron

price target is raised to $29. Bank of America said that it increases its EPS estimates in 2012e from $1.60 to $1.95, and in 2013e from $2.10 to $2.25, primarily on higher deliveries at Bell as the 429 program ramps and the V-22 ramps from 7 deliveries in 2011 to 39 in 2012. “We are lowering our 2012e revenue and margin forecast for Industrial to reflect weakness in Europe and thus lower volume. In the outyears, we are lowering our EPS estimates in 2014e from $2.55 to $2.50 and in 2015e from $2.90 to $2.75 as we expect defense budget pressure to negatively affect Textron Systems.” Textron closed yesterday at $24.76.