RBC Capital Cuts Price Target to $114 Following United Technologies (UTX) 2Q EPS Beat

RBC Capital maintained an Outperform rating on United Technologies (NYSE: UTX), and cut the price target to $114.00 (from $141.00), following its 2Q15 earnings report. UTX reported 2Q15 EPS of $1.73, beating consensus by 2c. Management decided to cut 2015 guidance with the EPS forecast declining from $6.35–6.55 to $6.15–6.30. Analyst Robert Stallard said that Management was upfront in admitting that the UTAS aftermarket forecast for the year turned out to be wrong, and that he expects "normal" aftermarket results in 2016.

Stallard commented, "UTX reported 2Q15 EPS of $1.73, modestly ahead of consensus and in line with our forecast of $1.73. A good performance from CS&S, and the lower share count, helped to offset sub par numbers at Otis and UTAS. The highlight of the results was a cut to 2015 guidance, with the continuing EPS forecast declining from $6.35–6.55 to $6.15–6.30."

For an analyst ratings summary and ratings history on United Technologies click here. For more ratings news on United Technologies click here.

Shares of United Technologies closed at $102.71 yesterday.

You May Also Be Interested In

• FedEx falls 4% as CY2026 profit forecast misses expectations despite Q4 beat
• Axis Capital Limited Downgrades Tech Mahindra Ltd. (TECHM:IN) to Sell (4)
• Axis Capital Limited Upgrades Hexaware Technologies (HEXW:IN) to Buy (1)