RBC Capital Raises Price target Following Raytheon's (RTN) 4c EPS Beat
RBC Capital reiterated a Top Pick rating on Raytheon (NYSE: RTN), and raised the price target to $133.00 (from $132.00), following the company's 3Q15 earnings results. Raytheon reported 3Q15 EPS of $1.47, ahead of consensus at $1.43.
Analyst Robert Stallard commented, "Raytheon reported 3Q15 EPS of $1.47, ahead of consensus at $1.43. Versus our forecasts revenues of $5.8bn were 2% above our expectations, with notable outperformance at IDS, Missiles and RTN Websense. Overall margins of 11.3% were in line with our forecast, but within this a better than expected margin in Missiles, SAS and Websense was offset with some shortfall at IDS and from Corporate and other costs. Raytheon expects the good year for bookings to continue in 4Q, and raised its full year bookings target by +$1bn to $25.5bn (1.10x book to bill)."
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Shares of Raytheon closed at $117.28 yesterday.