Textron's Price Target Raised by Citigroup Analyst Amid Positive Market Conditions

Citigroup's Jason Gursky raised their price target on Textron (NYSE: TXT) by 6.7% from $104 to $111 on 2024/04/04. The analyst maintained their Strong Buy rating on the stock.

Gursky explained the rationale behind the price target increase, stating that they expect to hear positive commentary from commercial aftermarket suppliers. This is likely due to airlines looking to fly older aircraft for longer periods of time, given the production issues faced by Boeing and the grounding of hundreds of Airbus aircraft driven by issues with Pratt's GTF engine.

Furthermore, Citigroup expects defense suppliers to speak constructively about the demand horizon. Rising budgets in Europe and the likelihood of supplemental spending bills in the U.S. are contributing factors to this positive outlook.

In addition to the rating change for Textron, Gursky also made adjustments to other names in their portfolio. They lowered their price target on Planet Labs PBC by 13.3%, from $4.5 to $3.9, while maintaining their Strong Buy rating. On the other hand, they raised their price target on Transdigm Group Inc by 1.1%, from $1,380 to $1,395, also maintaining their Strong Buy rating.

When it comes to analyst ratings for Textron, 83.3% of top-rated analysts currently rate the stock as a Strong Buy or Buy. 16.7% see it as a Hold, and no analysts recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that Textron's upcoming year will deliver earnings per share (EPS) of $5.11. If the analysts are correct, this would represent a year-over-year increase of 10.9%.

Textron's stock has performed well year-over-year, with a gain of 38.2%. This outpaces the performance of the S&P 500, which is up 25.5% over the same period.

Jason Gursky, the Citigroup analyst who made the price target adjustment for Textron, is ranked by WallStreetZen in the top 20% out of 4,534 Wall Street analysts. Gursky has an average return of 8.7% and a win rate of 63.2%. Their specialization lies in the Technology and Industrials sectors.

Textron Incorporated, the subject of Gursky's rating change, is a company that manufactures and services various types of aircraft. They specialize in business jets, turboprop and piston engine aircraft, military trainers, and defense aircraft. The company's Bell segment supplies military and commercial helicopters as well as tiltrotor aircraft. Additionally, Textron's Finance segment provides financing services for the purchase of new and pre-owned aircraft and helicopters. Founded in 1923, Textron is headquartered in Providence, RI.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.