RESEARCH ALERT- Salomon raises United Technologies|
NEW YORK, Feb 15 (Reuters) - Salomon Smith Barney said Tuesday it upgraded its rating on shares of United Technologies (NYSE: UTX) to a buy from outperform based on the company's low valuation.
--"The stock is currently selling at a value only equal to its sum-of-the-parts valuation," said George Shapiro, analyst at Salomon, in a research note.
--Salomon Smith Barney said its expects the technology and industrial giant to see earnings growth of at least 15 percent in 2000 and possibly at a higher rate in 2001 as restructuring benefits are fully realized.
--United Technologies also stands to gain from the Asian recovery as nearly 20 percent of sales are from Asia, Salomon said in the note.
--Shares of Connecticut-based conglomerate, which is one of the 30 stocks in the Dow Jones industrial average, closed up 2-1/8 at 52-7/16 on the New York Stock Exchange amid a broad stocks rally.