Textron Inc TXT:NYSE

Last Price$60.62NYSE Previous Close - Last Trade as of 7:00PM ET 6/24/22
NYSE 15-minute delayed Bid/Ask Quotes
Today's Change0(0.00%)
Bid (Size)$24.86 (2)
Ask (Size)$78.25 (14)
Day Low / HighN/A - N/A
Volume1.4 M

Research Alert: CFRA Keeps Hold Opinion On Shares Of Textron Inc.

4:55PM ET 4/28/2022 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-mo. target price to $78 from $72, 17x our 2023 EPS estimate (kept at $4.49; 2022 lowered to $3.90 from $3.98) in line with TXT's pre-pandemic 2019-2020 forward P/E average. Q1 EPS of $0.88 beat consensus by $0.14. Q1 sales grew 4% Y/Y, led by Aviation (38% of sales, +20% Y/Y). U.S.-based private jet activity in Q1 was up 18% vs. Q1 2019, with the robust demand allowing Aviation to drive sizable price increases on private jets and service contracts. In turn, Aviation operating margin rose to 11.6% vs. 9.3% in Q1 2019. TXT reported profit contraction across its other three segments, though, with headwinds coming from the Afghanistan withdrawal and lower sales to the auto end market due to the global microchip shortage reducing OEM production rates. We expect TXT sales and earnings to continue rising out of the pandemic on strong private travel demand and a recent boost in defense spending from the Russian invasion. But we see shares already priced near fair value.