JPMorgan Downgrades Textron (TXT) to Neutral

May 1, 2020 5:37 AM EDT
Get Alerts TXT Hot Sheet
Price: $71.48 +0.46%

Rating Summary:
    16 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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JPMorgan analyst Seth Seifman downgraded Textron (NYSE: TXT) from Overweight to Neutral with a price target of $30.00 (from $32.00).

The analyst comments "COVID-19 should challenge Textron for at least the next several months and independent of that, the company has struggled at times with execution and end market difficulties. Nevertheless, valuation remains appealing, creating potential for reward as well as risk. The Army might select Textron's Bell unit to build the replacement for its Black Hawk helicopters – perhaps late next year – and this would add meaningful value. A significant earnings stream from this program would take years to ramp, however, and in the meantime, investors must face the end market challenges besetting the Aviation and Industrial units."

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 $26.36 yesterday.

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