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Raytheon rises as Vertical Research turns bullish

Jul. 10, 2020 9:36 AM ETRTX Corporation (RTX) StockRTXBy: Carl Surran, SA News Editor21 Comments
  • Raytheon Technologies (RTX +1.2%) opens higher, bouncing off a seven-week low, after Vertical Research upgrades shares to Buy from Hold with a $77 price target, citing valuation and an anticipated recovery in the aerospace industry.
  • Vertical's Robert Stallard says it could be a bit early to buy an aerospace name for a recovery, as he has not yet seen a set of actual numbers for the merged company and investors appear unsure whether the company is an aerospace or defense company.
  • "As a result, we think this has created a decent risk/reward set-up at the current price," prompting the upgrade to Buy," Stallard says.
  • RTX's average Wall Street analyst rating and Seeking Alpha Authors' Rating are both Bullish.

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