UPDATE: Bank of America Downgrades Textron, Raises PO

In a report published Tuesday, Bank of America Merrill Lynch analyst Ronald Epstein downgraded Textron (NYSE: TXT ) to Neutral from Buy, raising its price objective to $40.00 from $29.00. According to the report, the price objective raise was based on using 15.5x one-year forward P/E multiple on 2015