An image of a stock chart displayed on a tablet
Markets

United Technologies Cut to “Neutral” at Goldman Sachs; Lower Target, Estimates (UTX)

Security 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.

Created by Dividend.com


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Stocks

Latest Markets Videos