NEW YORK (TheStreet) -- Shares of United Technologies slumped 3.36% to $98.89 in Friday's trading session after Britain triggered a selloff in global markets when it unexpectedly voted to leave the European Union.
For the defense sector in particular, falling markets will negatively impact pension plan trends, which could slow EBIT growth for defense despite stronger sales, Citi wrote in a note cited by Barron's.
The firm believes that United Technologies is most at risk among the group.
United Technologies generates 20% of its revenues from European operations and 8% from exports to Europe, Citi explained.
"Brexit could drive further weakness in European building sales which UTX was hoping would stabilize," the firm added.
United Technologies is a Farmington, CT-based aerospace company.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
United Technologies' strengths such as its revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: UTX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.