Textron Inc

TXT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$22.00	Pkgp	Fmsmtgc

Textron: A Manufacturing Conglomerate Making Selective Bets on the Industry's Future; $80 Fair Value

Nicolas Owens

Aug 28, 2023

We have initiated coverage of Textron with an $80 fair value estimate making the shares fully valued at recent prices. We don't believe Textron has an economic moat, but we have our eye on its military helicopter and tilt-rotor business, which could emerge in a decade or so as a pre-eminent supplier of military rotorcraft and may lift the company's returns and prospects for durable profit into moatworthy territory. But not yet.

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