Goldman Sachs analyst Noah Poponak downgraded Raytheon Technologies to Neutral from Conviction Buy with a price target of $105, down from $115. Defense is a substantial part of Raytheon’s product mix, and the company’s growth rate and valuation will be in part dictated by conditions in the defense end-market, Poponak tells investors in a research note. The company is relatively well positioned within the defense end-market, but it has seen recent industry outlay pace and supply chain challenges, which could continue into 2023, putting its 2025 targets at risk in the segments, says the analyst. He now sees less upside to consensus estimates.
Published first on TheFly
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