RBC Capital Downgrades United Technologies (UTX) to Sector Perform as Honeywell Believed to Have Moved On
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Rating Summary:
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Up: 8 | Down: 4 | New: 35
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RBC Capital downgraded United Technologies (NYSE: UTX) from Outperform to Sector Perform with a price target of $108.00 (from $109.00), saying Honeywell (NYSE: HON) appears to have moved on related to past merger talks.
Analyst Robert Stallard commented, "When we upgraded UTX a couple of months back, it was with the premise that Honeywell would remain a 'stalking horse', given its thwarted bid. However, subsequent actions including the announcement of a COO to succeed CEO Dave Cote, and a new $5bn buyback program would suggest that Honeywell has moved on. UTX's share price has also rallied close to the mooted bid price of $108."
For an analyst ratings summary and ratings history on United Technologies click here. For more ratings news on United Technologies click here.
Shares of United Technologies closed at $104.37 yesterday.
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