Textron A Fair Value Stock

J.P Morgan in a research report show's Textron Inc. TXT is fairly priced. According to J.P. Morgan, "We continue to believe that the current stock price is not cheap, but closer to fair value, and that the bulls remain too optimistic on the trajectory for growth. That said, the cut is the right move, in our view, setting up a scenario where the stock could get interesting, albeit at a lower level." J.P. Morgan remains Neutral on their 2012E EPS of $1.75. Their December 2011 price target of $23 assumes a 10% discount. TXT closed Friday at $20.74