Jefferies Raises Price Target on Textron (TXT) Following Analyst Day
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Jefferies reiterated a Buy rating on Textron (NYSE: TXT), and raised the price target to $55.00 (from $50.00), following the company's Specialized Vehicles analyst day. Total revenues are about $3.8BB in 2016 with recent acquisitions adding about $350MM in revenues over the past three years. The Specialized Vehicles business accounts for about $1BB in revenue or ~25% of Industrial segment revenues.
Analyst Sheila Kahyaoglu commented, "On Nov. 30th, we attended the TXT Specialized Vehicles analyst day, which included vehicle demos on Bad Boy buggies. The meeting was hosted by Kevin Holleran, President and CEO of Specialized Vehicles, at the company's manufacturing campus in Augusta, GA. Key senior mgmt. were also in attendance. Our 2016 and 2017 EPS estimates are $2.65 and $2.80, respectively. We are raising our PT to $55."
Shares of Textron closed at $46.03 yesterday.
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