Not unlike Honeywell (NYSE:HON) and General Electric (NYSE:GE), United Technologies (NYSE:UTX)
has built its business to take advantage of emerging growth cycles in
commercial aviation, urbanization, and energy efficiency. Weak
construction activity and share losses have limited the growth at Otis,
Carrier, and Fire & Security, but the company's aviation business
seems to doing relatively well and I believe there's further upside in
all of these businesses. My question with UTX, though, is how much
margin and cash flow leverage is waiting to emerge, as these shares seem
fairly rich without some significant improvements along those lines.
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