Textron downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Textron to Equal Weight from Overweight with an unchanged price target of $95. The firm sees a more balanced risk/reward skew given Textron’s limited catalyst path in the near-term. Investors are concerned about incremental demand for business jets at this point in the economic cycle when growth could be moderating, the analyst tells investors in a research note. Morgan Stanley sees a limited catalyst path in the near-term for Textron to drive multiples higher from current levels given this cautious sentiment.