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Morgan Stanley cuts Raytheon (RTX) to equal-weight as GTF engine defect weighs
July 26, 2023 9:37 AM EDTMorgan Stanley downgraded Raytheon Technologies (NYSE: RTX) to an equal-weight rating (From Overweight) and cut their 12-month price target on the stock to $95.00 (from: $110.00) after the aerospace and defense company reported an unexpected manufacturing defect during their 2Q earnings report.
RTX saw a drop of 10.2% in their share price on Tuesday, following the disclosure of a manufacturing flaw associated with the Pratt & Whitney high pressure turbine (HPT) discs used in the Airbus A320neo Geared Turbofan (GTF) engine. The defect traces back to contaminated powdered metals produced from 2015 to 2021, impacting the... More
