Textron Inc. (NYSE:TXT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $59.00 price target on the aerospace company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.07% from the stock’s current price.

According to Zacks, “Textron's share outperformed the industry's rally in the last three months. Textron’s geographically diverse network of businesses negates any specific business risk. Its systematic inorganic growth strategy, along with its focus on strengthening international presence, will improve its growth trajectory. Also, Textron’s latest acquisition of Arctic Cat has boosted its position in the power-sports segment as well as utility vehicle market, courtesy of Arctic Cat’s established dealer network. The company’s Textron Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also Textron needs to invest substantially in order to sustain in a highly competitive market.”

A number of other equities analysts also recently weighed in on the stock. Drexel Hamilton upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Monday, September 11th. ValuEngine upgraded shares of Textron from a “hold” rating to a “buy” rating in a report on Friday, September 8th. Morgan Stanley boosted their target price on shares of Textron from $45.00 to $47.00 and gave the stock an “underweight” rating in a report on Thursday, August 17th. BidaskClub downgraded shares of Textron from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $54.00 price objective (up from $52.00) on shares of Textron in a report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $53.75.

Textron (NYSE:TXT) last issued its earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.66 earnings per share.

COPYRIGHT VIOLATION NOTICE: “Textron Inc. (TXT) Upgraded to Buy at Zacks Investment Research” was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another publication, it was stolen and reposted in violation of United States & international copyright laws. The original version of this news story can be accessed at https://www.americanbankingnews.com/2017/09/21/textron-inc-txt-upgraded-to-buy-at-zacks-investment-research.html.

Institutional investors have recently made changes to their positions in the company. MRJ Capital Inc. bought a new stake in shares of Textron in the second quarter valued at about $3,589,000. Airain ltd bought a new stake in shares of Textron in the second quarter valued at about $2,608,000. Bank of Nova Scotia boosted its position in shares of Textron by 939.6% in the first quarter. Bank of Nova Scotia now owns 61,719 shares of the aerospace company’s stock valued at $2,937,000 after acquiring an additional 55,782 shares during the period. Highbridge Capital Management LLC boosted its position in shares of Textron by 153.1% in the first quarter. Highbridge Capital Management LLC now owns 5,308 shares of the aerospace company’s stock valued at $253,000 after acquiring an additional 15,308 shares during the period. Finally, Mason Street Advisors LLC boosted its position in shares of Textron by 1.0% in the first quarter. Mason Street Advisors LLC now owns 37,324 shares of the aerospace company’s stock valued at $1,776,000 after acquiring an additional 361 shares during the period. 81.49% of the stock is owned by institutional investors.

About Textron

Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.

Get a free copy of the Zacks research report on Textron (TXT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Textron (NYSE:TXT)

Receive News & Ratings for Textron Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron Inc. and related companies with MarketBeat.com's FREE daily email newsletter.