RBC Capital reiterated a Sector Perform rating on United Technologies (NYSE: UTX), and raised the price target to $102.00 (from $100.00), following the company's 2016 outlook meeting. RBC adjusted EPS estimates following the issuance of UTX's 2016 guidance last week. The major change is a move to 'adjusted' EPS, taking out anticipated net restructuring costs going forward. Investors have had a mixed response to the UTX outlook. A number have highlighted that it is pretty low quality to move to adjusted, which moves consensus EPS up without the fundamentals actually changing.

Analyst Steven Cahall commented, "We've adjusted our EPS estimates following the issuance of UTX's 2016 guidance last week. The major change is our move to 'adjusted' EPS, taking out anticipated net restructuring costs going forward. This has resulted in our 2016 EPS estimate moving from $6.58 to $6.76, whilst 2017E goes from $6.80 to $6.95. Our target price moves modestly from $100 to $102, representing 14.9x 2016/17E P/E."

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Shares of United Technologies closed at $93.03 yesterday.