Oppenheimer Assigns Perform On United Technologies Shares

In a research report issued today, Oppenheimer analyst William Lee assigned a Perform rating on United Technologies (NYSE:UTX), as the company posted in-line revenue, but EPS surged past expectations. No price target was provided.

Lee noted, “Peeling back the onion, most of the upside resulted from non-recurring gains and the pull-forward timing of favorable tax adjustments. Nonetheless, fundamentals are improving: sales grew 5% organically, accelerating from +3% in 2Q14, and the YTD pace of +4% is tracking at the top-end of UTX’s range. Underlying segment profitability appears to be inching forward, bolstered by restructuring efforts. At ~14x our 2015 estimate, the shares are trading at a modest discount to the S&P, which appears fair given some macro uncertainty in Europe and the emerging markets.”


Stay Ahead of Everyone Else

Get The Latest Stock News Alerts