Raytheon Technologies Corp. (RTX) PT Raised to $88 as Cowen Sees $6 EPS Possible in '22

January 27, 2021 6:53 AM EST
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Price: $78.87 --0%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 10 | New: 9
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Cowen analyst Cai von Rumohr raised the price target on Raytheon Technologies Corp. (NYSE: RTX) to $88.00 (from $83.00) after the company reported earnings noting an encouraging 2021 guide implying a hefty sequential ramp at Collins, also suggesting the potential for an EPS lift to $5.70-6.00 in 2022.

The analyst reiterated an Outperform rating, stating "COL's Q4 (flat with Q3) was on track, but Pratt beat on a 19% broad based Q/Q sales increase with margin lift to 2.3% vs. 0.1%E. However, margins missed at RIS (9.2% vs. 11.4%E) on a $90MM reserve for a domestic restricted contract. FCF of $747MM beat by ~$500MM despite ~$800MM in discretionary pension contribution. Legacy RTN book-bill was an in-line ~0.8x, and RTX defense backlog is a robust >$67.3B".

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