Deutsche Bank Downgrades Goodrich (GR) to 'Hold' on Pending Acquisition

Deutsche Bank downgraded Goodrich (NYSE: GR) from Buy to Hold, price target raised from $115 to $127.50.

Deutsche analyst says, "We are lowering our rating on Goodrich shares to Hold following the announcement that United Tech (NYSE: UTX) will acquire Goodrich for $127.50 in an all cash deal. We are also raising our price target to the deal price of $127.50 (from $115), reflecting our belief that the deal will be closed on the agreed-upon terms...With various levels of regulatory approval necessary, UTX anticipates the deal completion could stretch into 2Q or 3Q of 2012. The company continues to be optimistic on the successful regulatory approvals (as do we) with some modest areas of focus, which we don’t see as show stoppers. Some GR nvestors may choose to stay in the stock near-term despite the limited upside given the need to be invested and the high volatility in the broader market."

For more ratings news on Goodrich click here and for the rating history of Goodrich click here.

Shares of Goodrich closed at $119.91 yesterday.

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