Drexel Hamilton Starts Textron (TXT) at Buy; Active Management That Executes

Drexel Hamilton initiates coverage on Textron (NYSE: TXT) with a Buy. PT $31.00.

Analyst, Peter J. Skibitski, said, "We believe the risk-return profile for the firm is compelling given the operating leverage available to a business jet recovery...Despite mixed signals from the leading indicators we watch for the business jet market, we think greater sales coverage, a leaner organization and a slightly higher international focus will allow TXT to grow Citation jet sales in 2012."

"Over the last 10 years TXT has tended to trade at a ~2 point premium to the S&P 500, and combining a 15.5x PE multiple with our 2012 EPS forecast of $1.98 yields a $31 target price, worthy of investor attention at the current trading price."

For an analyst ratings summary and ratings history on Textron click here. For more ratings news on Textron click here.

Shares of Textron closed at $26.64 yesterday.

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