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Textron Inc (TXT)
by Zacks Equity ResearchAugust 23, 2012 | Comments : 0 Recommended this article: (0)
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Textron Inc. is a global multi-industry company that manufactures aircraft, automotive engine components, and industrial tools. It is also a provider of solutions and services for aircraft, fastening systems, and industrial products and components.
Textron reported strong second quarter 2012 earnings of $0.58 per share versus $0.29 per share in the year ago quarter. The quarterly result also comfortably surpassed the Zacks Consensus Estimate of $0.44. Higher numbers for the company were due to strong performance at Bell, continued improvement at Cessna, complemented by good performance in the Industrial business.
We believe TXT can expand its multiple from here and thus upgraded our recommendation from Neutral to Outperform, indicating that the stock will perform better than the market. Our target price is $33.00 or 15.7x 2012 EPS, reflects this view.
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