|United Tech. upgraded on valuation, earns outlook |
By Tomi Kilgore
NEW YORK (MarketWatch) -- United Technologies (UTX) was upgraded to buy from neutral at Banc of America citing attractive valuation and potential upside to earnings expectations. Analyst Don MacDougall also raised his 12-month stock price target to $60 from $55 and his 2005 earnings estimate to $3.10 a share from $3.03. MacDougall said aerospace fundamentals remain strong, and while the company's Carrier business posted disappointing quarterly results, he expects results for the second half of the year to be strong.