UPDATE: Goldman Sachs Group Resumes Coverage on United Technologies Corporation with Neutral Rating, $84 PT

In a report published Wednesday, Goldman Sachs Group resumed coverage on United Technologies Corporation

with a Neutral rating and $84.00 price target. Goldman Sachs noted, “We resume coverage of United Technologies (UTX) with a Neutral rating and 5% upside to our $84, 12-month price target. We believe UTX is a high quality company, well positioned for long-term emerging market driven growth, and that the second derivative in key end markets (aerospace aftermarket, China, construction) is turning. However, medium-term total earnings growth is likely to be slower than most of our Commercial Aerospace coverage while valuation is ahead, the stock's defensive characteristics may lead it to underperform in a mid-cycle period (as they have in the past), and there are a few outsized execution risks.” United Technologies Corporation closed on Tuesday at $80.14.