PROVIDENCE – Goldman Sachs Group Inc. said Wednesday it continues to consider Textron Inc. one of the best buys for investors.
Goldman, the world’s most profitable securities firm, is bullish on industrial and basic-materials companies, leading it to recommend shares of Textron and other firms such as Dow Chemical and 3M, MarketWatch reported.
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Both Goldman and Morgan Stanley upgraded Textron to “buy” last September, saying the conglomerate’s businesses had hit bottom and were poised for recovery. Goldman placed the firm on its “conviction buy list.”
Textron shares have more than quintupled in value since hitting a 52-week low of $3.57 a share on March 6. The stock was trading at $19.39, up 0.3 percent, at 10:25 a.m. Thursday on the New York Stock Exchange.
Textron posted a third-quarter profit of $4 million, or 1 cent a share, down 98 percent from a year earlier, when the company posted a profit of $206 million, or 83 cents a share. Revenue fell 27 percent to $2.55 billion.
The Fortune 500 company is scheduled to report its fourth-quarter and full-year earnings later this month.
Scott C. Donnelly, a former General Electric Co. executive who had been Textron’s president and chief operating officer, succeeded Lewis B. Campbell as the company’s chief executive last month.
Additional information is available at textron.com.
