8/28/2023 0 Comments Citi global transfer feeShares are down more than 5% year to date, lagging the S & P 500's 15.8% jump in that time. A rise in military spending should also create tailwinds for Textron's defense-oriented Bell and Systems segment, added the analyst. "That said, management does not seem to have starved any of the assets of capital and the ability to invest in new products – which does allow the segment to grow," Gursky said. To be sure, he said that Textron's industrial segment does not have much "connective tissue" across its various assets, which include automotive, aerospace and leisure. He added that a growth in private travel post-pandemic and tight industry supply should allow Textron and its peers to "effectively manage supply/demand dynamics." Current wait lists for new aircraft stretch to more than two years, he noted - resulting in up to 360% backlog growth for Textron since 2019. Textron's valuation has already priced in a recessionary environment and reduced business jet demand, according to Gursky. "We are constructive on revenue and earnings visibility given recent backlog growth, particularly in the company's Aviation and Bell segments," analyst Jason Gursky wrote in a Wednesday note. Its price target of $90 implies shares rallying 34% over the next 12 months. The bank initiated coverage of the stock with a buy rating. Personal Loans for 670 Credit Score or LowerĬiti thinks aircraft maker Textron is due for a rebound after underperforming thus far in 2023. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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