UPDATE: Goldman Sachs Downgrades Textron to Neutral on Uncertain Recovery Timing

In a report published Thursday, Goldman Sachs analyst Noah Poponak downgraded the rating on Textron TXT from Buy to Neutral, but raised the price target from $31.00 to $32.00.

In the report, Goldman Sachs noted, “We still believe there is significant long-term earnings power upside for Textron given today's earnings have close to zero contribution from Cessna, which we still expect to eventually recover. But the timing remains highly uncertain, and the point has now approached where even a relatively strong business jet recovery will be muted by the 2014-2015 transition at Bell (V-22 reset, broader military revenue decline). Since added to the Buy List on September 1, 2009, TXT is up 73.8% vs. the S&P up 65.2%. It is up 11.4% in the past 12 months vs. the S&P up 23.%.”

Textron closed on Wednesday at $26.94.