Textron price target raised to $111 from $104 at Citi

Citi raised the firm’s price target on Textron to $111 from $104 and keeps a Buy rating on the shares ahead of the Q1 report. The analyst expects to hear positive commentary from commercial aftermarket suppliers as airlines look to fly older aircraft for longer given Boeing’s production issues and the grounding of hundreds of Airbus aircraft driven by issues with Pratt’s GTF engine. Citi also expects defense suppliers to speak constructively about the demand outlook given rising budgets in Europe and likely supplemental spending bills in the U.S.