Sterne Agee Reiterates Buy, PT of $87 on United Technologies

Sterne Agee maintains its Buy rating and $87 target price on United Technologies

as it lowers estimates on a mixed 2012 outlook. Sterne Agee says, "UTX provided FY12 guidance, including the Goodrich acquisition, which was below Street expectations. The lower than expected outlook was the result of a challenging macro environment, dilution of the Goodrich acquisition, and additional restructuring activities. We had anticipated that the Street was not reflecting the full impact of the Goodrich acquisition in estimates; however, the impact of the macro environment as well as the operating difficulties at nonaerospace restructured segments was unexpected." UTX closed at $73.53 per share on Thursday.