Nomura Securities Maintains a 'Buy' on United Technologies (UTX); Q3 Review

Nomura Securities maintains a 'Buy' on United Technologies (NYSE: UTX) price target of $88.00.

Nomura analyst, Shannon O’Callaghan, said, "Q3 was about in line at $1.47 vs. Nomura/Street at $1.45/$1.44. 2012 earnings guidance implies little growth. It seems UTX is now a 2013 story. Negativity around the price paid for Goodrich (NYSE: GR) is already in the stock and they are fully absorbing all kinds of GR costs (that other companies would back out) in 2012 plus pension headwind so that 2012 earnings growth and clarity will be low but earnings quality high. But this all looks better for 2013 with accretion from GR and IAE. Who wants to wait for that? Fans of the UTX track record. That said, the stock could be in a holding pattern for a while. We adjusted our 2011E EPS from $5.45 to $5.47 and 2012 from $5.85 to $5.55. Our $88 PT represents 16x our 2012E EPS and 13x our 2013E."

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

Shares of United Technologies closed at $73.26 yesterday.

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