Zacks Investment Research upgraded shares of Textron Inc. (TXT) from NEUTRAL to OUTPERFORM on August 21, 2012, with a target price of $33.00.
We remain optimistic on Textron Inc. following its outperformance on both the top and bottom lines in the second quarter of 2012. The upbeat was driven by strong performance at Bell, continued improvement at Cessna, complemented by good performance in the Industrial business. Going forward, the company's diversified presence across commercial, manufacturing and industrial products, as well as financing operations, insulates it from specific business risk. We also believe improved operational efficiencies and positive fundamentals in the business jet market will drive earnings growth for the company in the near-term. The company is also steadily lowering its risk profile by orderly liquidation of non-captive finance receivables to focus more on its core manufacturing business. Hence given Textron's strategic positioning and positive fundamentals, we upgrade the stock to Outperform.
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