Wells Fargo Downgrades Goodrich (GR) to Market Perform; Upside Only To $127.50/Share Acquisition Price By UTX

Wells Fargo downgraded Goodrich (NYSE: GR) from Outperform to Market Perform with a price target of $127.50 (from $110-113 range).

Wells analyst says, "We are downgrading on the shares of Goodrich following the company's Q3 earnings announcement. The results were strong and the increased outlook supports our positive view of the stock, however, we believe GR stock price will be driven by the 3.5-4% upside potential from current levels to United Tech's (NYSE: UTX) acquisition price of $127.50. Even including the $0.29 dividend that GR will continue to pay for additional quarters to its investors through the close of the merger, we believe the upside potential no longer supports an Outperform rating. In addition, we raise our 2011E EPS to $6.00 from $5.90 due to the Q3 upside and raise our range to $127.50, in line with the acquisition price."

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

Shares of Goodrich closed at $122.75 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Moncler SpA (MONC:IM) (MONRY) PT Raised to EUR69 at RBC Capital
• Meta Platforms Inc. (META) PT Lowered to $475 at KeyBanc
• BOK Financial (BOKF) PT Raised to $97 at DA Davidson