UPDATE - Barclays Upgraded Textron (TXT) to Overweight; Hopping On For Second Try at Recovery

UPDATE - Barclays upgraded Textron (NYSE: TXT) from Equalweight to Overweight with a price target raised to $32 from $30.

Barclays analyst says, "We are upgrading TXT, and raising our PT, as we have a higher level of conviction in the Cessna "recovery thesis" on the current 2nd time around. We were less confident in the recovery late last year when we initiated coverage at EW. However, by February TXT shares rose to $28+ before underwhelming early 2011 performance led to a Q2 share price decline. Following decent Q2 results, there are several factors that give us confidence that the 2nd try at the "recover trade" will have greater sticking power and follow through than the last time."

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