RBC Capital Downgrades United Technologies (UTX) to Sector Perform as Honeywell Believed to Have Moved On

May 3, 2016 6:54 AM EDT
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Price: $86.01 --0%

Rating Summary:
    16 Buy, 11 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 9 | Down: 30 | New: 24
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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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