By Christiana Sciaudone
Investing.com — Business jets are back.
Textron (NYSE:) rose 1% after Goldman Sachs (NYSE:) upgraded the stock to buy from neutral, saying the market has improved, especially in the company’s aircraft categories and for Cessna aircraft, specifically, StreetInsider reported. Its industrial and commercial helicopter segments should also benefit from the economic recovery, according to analyst Noah Poponak.
“We see substantial upside to consensus earnings estimates, investor expectations appear low, and valuation levels are among the lowest in our coverage,” Poponak wrote in a note.
With no one going anywhere, demand for any aircraft has been minimal at best over the past year of pandemic living. But vaccinations that are increasing across the country and economies that are reopening are leading to increased demand and business activity.
Jefferies (NYSE:), meanwhile, raised the price target on Textron to $65 from $60, while maintaining a buy rating, StreetInsider reported.
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