United Tech Downgraded To Sector Perform At RBC

United Technologies Corp. stock was downgraded to sector perform from outperform at RBC Capital Markets on Tuesday, with analysts saying a recent rally meant it was time to move to the sidelines. The stock has gained about 10% in the last couple of weeks. The company currently has some growth problems with China still a challenge while underlying trends at its aerospace business are not improving, RBC said in a note. "We're basically looking to US construction and defense for potential organic upside going forward, and these markets only make up 40% of segment operating income (post Sikorsky)," said the note. RBC lowered its price target on the stock to $100 from $113. Shares were not yet active in premarket trade, but are down 17% in the year so far, while the Dow Jones Industrial Average has lost 4%.

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