PROVIDENCE – Goldman Sachs Group Inc. on Wednesday removed Textron Inc. from its list of “conviction buys” after six months but kept a “buy” rating on the conglomerate’s shares.
Goldman gave three reasons for removing Textron, MarketWatch reported: the investment bank does not see any short-term reasons why the stock would rise; Wall Street’s earnings target for the first quarter seem “aggressive”; and Cessna orders are unlikely to rebound until later this year.
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Textron’s spot on the conviction list was taken by another industrial company, Goodrich Corp., which makes aircraft landing gear.
Textron shares rose 0.9 percent to $21.79 at 10:36 a.m. Wednesday in New York Stock Exchange trading. A year ago, the stock was at $4.54 a share.
