Citi raised the firm’s price target on RTX to $132 from $122 and keeps a Neutral rating on the shares as part of a Q3 earnings preview for the aerospace and defense group. The firm expects to hear positive commentary from commercial aftermarket suppliers as airlines look to fly older aircraft for longer given Boeing and Airbus production issues and the grounding of hundreds of Airbus aircraft. It also expects defense suppliers to speak constructively about the demand outlook given rising budgets in Europe and supplemental spending bills in the U.S.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RTX:
- RTX price target raised to $120 from $115 at Bernstein
- RTX upgraded to Hold from Sell at Deutsche Bank
- Deutsche upgrades RTX to Hold on lack of estimate downside
- Tractor Supply downgraded, EVgo upgraded: Wall Street’s top analyst calls
- Raytheon Technologies call volume above normal and directionally bullish