Goldman Sachs Resumed Coverage on United Technologies with a "Neutral" Rating (UTX)

Goldman Sachs Resumed Coverage on United Technologies with a “Neutral” Rating (UTX)


United Technologies Corporation (UTX) is now rated as “Neutral” at Goldman Sachs as the firm resumed coverage on the building systems and aerospace products manufacturer.

The analysts value UTX at $84, a +5% upside from Tuesday’s closing price of $80.14.

“We believe UTX is a high quality company, well positioned for long-term emerging market driven growth, and that the second derivative in key end markets (aerospace aftermarket, China, construction) is turning,” a Goldman Sachs analyst said. “However, medium-term total earnings growth is likely to be slower than most of our Commercial Aerospace coverage while valuation is ahead, the stock’s defensive characteristics may lead it to underperform in a mid-cycle period (as they have in the past), and there are a few outsized execution risks.”

United Technologies shares were flat in premarket trading on Wednesday. The stock is up +9.78% year-to-date.

The Bottom Line
Shares of United Technologies (UTX) have a 2.67% dividend yield, based on last night’s closing stock price of $80.14. The stock has technical support in the $75-$76 price area. If the shares can firm up, we see overhead resistance around the $82-$84 price levels.

United Technologies Corporation (UTX) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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