Shares of Raytheon Technologies (RTX) gained 1.5% in Tuesday’s extended trading session after the company revealed that its Board of Directors has approved a new common stock repurchase program of up to $6 billion.
Raytheon is an aerospace and defense company, which provides advanced systems and services to commercial, military and government customers worldwide.
The new buyback plan replaces the previous authorization of up to $5 billion, which was approved in December 2020. The buyback plan will be carried out as and when determined by Raytheon in the open market or private transactions.
Wall Street’s Take
Last month, Barclays analyst David E. Strauss reiterated a Buy rating on the stock with a price target of $100 (upside potential of 17.6% from current levels).
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average RTX price target stands at $101.67 and implies upside potential of 19.6% to current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on RTX, compared to the sector average of 68%.