Textron Stock Hit With Hefty Price-Target Hike From Morgan Stanley

It looks like even more bullish analyst attention could be on the horizon

Digital Content Manager
Jun 29, 2021 at 9:49 AM
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The shares of Textron Inc (NYSE:TXT) are up 3.9% at $69.80 this morning after Morgan Stanley upgraded the aerospace and defense concern to "overweight" from "equal weight," and lifted its price target to $87 from $49. Several other analysts have chimed in on TXT recently, including Cowen, with the analyst lifting its price target to $75 from $59. 

This deluge of mostly positive analyst attention has given TXT a leg up on the charts, boasting an over 40% year-to-date lead. The stock did pull cool mid-month, though the 60-day moving average deftly captured this  pullback, guiding the shares higher. Today's pop puts TXT even closer to its two-year high of $70.68, touched on June 8. 

There's still room for analyst upgrades. Coming into today, four of the nine members of the brokerage bunch covering Textron stock called it a "hold." The stock could also benefit from a short squeeze, as short interest is up 8.9% in the last two reporting periods, and it would take four days to cover these bearish bets, at TXT's average daily pace of trading. 

 

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