An analyst downgraded shares of Goodrich Corp. to “hold” on Monday, saying the stock should only grow modestly this year as the aerospace manufacturer’s $16.4 billion acquisition by Hartford’s United Technologies Corp. closes, The Associated Press reports.
UTC said in September it will buy Goodrich, of Charlotte, N.C., for cash, saying the company will allow it to take advantage of rapidly growing demand for aircraft components.
UTC already owns jet engine manufacturer Pratt & Whitney as well as Carrier heating and cooling, Otis elevator and other businesses.
Jefferies analyst Howard A. Rubel previously rated Goodrich at “buy.” He expects the acquisition, which is currently in the midst of regulatory reviews, to close around mid-year. If the deal continues to go forward as he expects, Rubel predicts the stock will only grow by about 3 percent this year.
Goodrich shares closed on Friday at $123.70 per share.
There was no immediate reply to an email seeking comment from Goodrich.
