Goldman Sachs Downgrades Textron (TXT) to Neutral

Goldman Sachs downgraded Textron (NYSE: TXT) from Buy to Neutral with a price target of $32.00 (from $31.00).

Analyst Noah Poponak said, "We still believe there is significant long-term earnings power upside for Textron given today’s earnings have close to zero contribution from Cessna, which we still expect to eventually recover. But the timing remains highly uncertain, and the point has now approached where even a relatively strong business jet recovery will be muted by the 2014-2015 transition at Bell (V-22 reset, broader military revenue decline)."

For an analyst ratings summary and ratings history on Textron click here. For more ratings news on Textron click here.

Shares of Textron closed at $26.94 yesterday.

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