Stifel Nicolaus is out with its report today on Textron TXT, upgrading shares of TXT from Hold to Buy.
In a note to clients, Stifel Nicolaus writes, "We are revising our rating on TXT shares upward to Buy from Hold and establishing a 12-month target price of $32. Our target is based on an EV/2012E manufacturing operation EBITDA multiple of 8x and then assessing a penalty of $300 million to account for a discount we think is likely the maximum amount that would be taken in a sale of the non-captive finance receivables if they were sold or otherwise liquidated today."
Shares of TXT closed Friday at $25.50.
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Posted In: Analyst ColorUpgradesPrice TargetAnalyst RatingsIndustrial ConglomeratesIndustrialsStifel NicolausTextron
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