We are raising our target valuation for Textron from $ 75 to $ 95. Our new estimate is based on three main drivers. Firstly, thanks to the covid factor, we register an increased demand for the company's business jets. The secondary market share of Textron business jets fell 50% from September last year to 4.2%. Dealers report high demand from buyers for the company's products, which, in turn, drives prices up. The order structure in the aviation segment of Textron is improving significantly, with new customers accounting for over 20%.
Second, we see long-term growth potential in the FLRAA segment. The Bell V-280 should gain an advantage in the FLRAA rating from mid-2022 thanks to its longer range, faster speed and more reliable technology than the LMT / BA Defiant. Third, Textron has the potential to become the market leader in electric vertical takeoff and landing (eVTOL) aircraft, thanks to its cutting-edge developments in convertible aircraft technology, strong relationships with prospective customers such as Blade, Wheels-Up and others, and a long track record of certifying new developments.
Textron is an aerospace-focused multi-industrial. It's the leader in Class 1-5 bizjets (38% of revs) with positions in helicopters (24% of revs), defense systems (10% of revs), and industrial products (28% of revs). Defense markets account for 27% of revenues.