Textron initiated with a Buy at Citi

Citi analyst Jason Gursky initiated coverage of Textron with a Buy rating and $90 price target. The analyst is constructive on the company’s revenue and earnings visibility given recent backlog growth, particularly in its Aviation and Bell segments. This is set against a valuation that appears to be pricing in a recessionary environment, the analyst tells investors in a research note. The firm, however, is more bullish given increased adoption of private travel post-pandemic and tight supply throughout the industry.