Zacks Investment Research upgraded shares of Textron Inc (TXT) from UNDERPERFORM to NEUTRAL on February 14, 2014, with a target price of $39.00.
We are upgrading our recommendation on Textron Inc. to Neutral from Underperform following its fourth quarter 2013 results. Earnings were at par with our expectation and surged 20% year over year buoyed by higher contribution from Cessna, Bell and Industrial divisions. Barring further deterioration in the business jet market, the new product and program along with the pending Beechcraft acquisition provide solid growth visibility. Additionally, expected gains at Industrial and Defense Systems as well as improvement in Cessna will also provide impetus. 2013 as a whole was a year of important new product introductions and investments in future growth for Textron. We expect the potential synergies from these investments in 2014.
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