BofA Securities Downgrades Raytheon Technologies Corp. (RTX) to Neutral, 'Hitting turbulence'

BofA Securities analyst Ronald Epstein downgraded Raytheon Technologies Corp. (NYSE: RTX) from Buy to Neutral with a price target of $95.00 (from $120.00).

The analyst comments "We are downgrading RTX to Neutral and lowering our PO to $95 from $120 on account of amplified headwinds on the GTF program and a slower margin ramp at Raytheon. The most recent powder metal issue suggests that smoother waters at P&W likely remain further out on the horizon than previously expected. We also suspect investor patience with the hurdles facing RTX is running short, and that the narrative is now a “show me story”."

For an analyst ratings summary and ratings history on Raytheon Technologies Corp. click here. For more ratings news on Raytheon Technologies Corp. click here.

Shares of Raytheon Technologies Corp. closed at $86.30 yesterday.

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