BofA upgraded Textron to Buy from Neutral with a price target of $105, up from $85. Concerns around Industrials, falling business jet demand and poor defense sentiment have peaked, driving the multiple roughly one standard deviation below the historical average, the analyst tells investors. The firm rolls its valuation to 2025 estimates and is applying a higher multiple to account for stronger Aviation performance despite the post-COVID demand decline, efforts to consolidate costs at Industrial, and a robust Systems pipeline, the analyst tells investors.
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