Morgan Stanley analyst Kristine Liwag lowered the firm’s price target on Raytheon Technologies to $115 from $119 and keeps an Overweight rating on the shares ahead of the Q4 earnings. Liwag sees the potential for downside risks to 2023 EPS and free cash flow consensus estimates given the effect of inflationary pressures, supply chain disruptions,and labor shortages facing the business, but continues to see Raytheon as a high quality value Aerospace & Defense play with upside given its exposure to OEM, commercial aftermarket,and growing defense budgets, the analyst tells investors in a research note.
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