Cowen Upgrades United Technologies (UTX) to Outperform; Sees 2016 Rebound

Cowen upgraded United Technologies (NYSE: UTX) from Neutral to Outperform with a price target of $119.00 (from $125.00), citing a 2016 rebound.

Analyst Cai von Rumohr commented, "We're upgrading UTX to Outperform with a PT of $119 (17x P/E on lowered ’16E EPS) following its 9% selloff on a third 2015 guide-down. We believe it's still a quality company w/ good mgmt & 2016E EPS of $7.00 (+7%), driven by CCS/UTAS, FX/pension swings, & Otis stabilization."

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 $101.55 yesterday.

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