Cowen Raises Price target to $130 on Raytheon (RTN) Following 3Q15
Cowen reiterated an Outperform rating on Raytheon (NYSE: RTN), and raised the price target to $130.00 (from $120.00), following the company's 3Q15 earnings results. Q3 EPS of $1.47 beat by 7¢ on a 5% organic sales gain with 5¢ of the favorable EPS variance from ops and 4¢ from lower interest expense, tax rate & share count, which outweighed a 2¢ rabbi trust loss.
Analyst Cai Rumohr commented, "Improved bookings prospects & untapped financial firepower bolster RTN's potential for 10%+ EPS/CFPS growth beyond 2017. We're raising our PT to $130 - a 7% cash flow yield; and possible expanding share repo could trigger the stock."
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Shares of Raytheon closed at $117.28 yesterday.