Credit: Shutterstock photoSecurity and building systems maker United Technologies Corporation ( UTX ) on Tuesday caught a big downgrade from analysts at Goldman Sachs.
The firm said it cut its rating on UTX from "Buy" to "Neutral" while lowering its price target from $102 all the way down to $86. That new target still suggests a 23% upside to the stock's Monday closing price, however.
Goldman noted that while it remains positive on UTX's fundamentals in the long term, its short-term outlook is less rosy. Accordingly the analyst lowered its estimates for the company through 2013.
United Technologies shares fell 99 cents, or -1.4%, in premarket trading Tuesday.
The Bottom Line
Shares of United Technologies ( UTX ) have a 2.75% dividend yield, based on last night's closing stock price of $69.74. The stock has technical support in the $65 price area. If the shares can firm up, we see overhead resistance around the $75-$77 price levels.
United Technologies Corporation ( UTX ) is not recommended at this time, holding a Dividend.com 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 .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
