Raytheon, Lockheed executives banned from China

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Go back to Raytheon, Lockheed executives banned from China

Raytheon (RTX) downgraded to Hold at Jefferies in the face of NT headwinds

April 20, 2023 2:50 PM EDT

Jefferies downgraded Raytheon Technologies (NYSE: RTX) to a Hold rating (From Buy) and cut their price target on the stock to $110.00 (From $115.00) in the face of near-term profit headwinds, lack of visibility, and a steep FCF ramp reliant on op income growth.

Analyst Sheila Kahyaoglu wrote in a note, With Collins' story well appreciated and rather solid (30% of sales/50% of segment EPS growth), we believe the biggest questions are Defense (40% of sales/25% of EPS growth) and Pratt (30% of sales/25% EPS growth). Given budget trends, Defense revs grow at a 5% CAGR in '22-'25... More