By: Carter Copeland
We missed it: Some trades can seem obvious after the fact and frankly that’s how we feel about UTX here. The stock felt like a great upgrade candidate in late November as shares had lagged, sentiment was terrible, the multiple was compressed and public commentary from the company on key problem areas (importantly Otis Europe/China and the GTF) was noticeably turning the corner. We missed it. Plain and simple. The stock is up ~17% since then, outpacing the S&P 500 and the XLI by ~6% and 4%, respectively.