RTX price target lowered to $100 from $115 at Baird

Baird analyst Peter Arment lowered the firm’s price target on RTX to $100 from $115 and keeps an Outperform rating on the shares. The firm noted they reported solid 2Q23 with Aerospace continuing to recover, led by strong aftermarket growth with impressive year-over-year margin expansion at both Collins and P&W, but a new issue requiring inspection of 1,200 GTF engines is reducing FCF in 2023 and 2024