UPDATE: Sterne Agee Raises United Technologies' PT

According to a research report published today, Sterne Agee has increased United Technologies Corp.'s UTX PT from $87 to $99. In the report, Sterne Agee commented, “UTX will hold its annual investor day on Thursday, March 15, in New York. We expect management to provide further details regarding the components of financing the pending Goodrich (GR - $126.05 - NR) acquisition and additional color on potential asset sales to help fund the deal and avoid issuing equity. The balance of the investor day will be a deep dive on the outlook for each of segments, with special attention to the new Climate, Controls and Security (CCS) segment which is the new combination of Carrier and Fire and Security. We are lowering our 1Q12 EPS estimate to reflect expected weaker y/y demand in CCS tied to softness in Europe, but raising our 2013-14 EPS estimates to reflect more favorable GR deal assumptions. We still remain buyers of UTX especially on a pullback as the long-term earnings power with the GR deal remains very favorable in 2013-2015.” Sterne Agee maintains its Buy rating on United Technologies, which closed Friday at $83.55.