- 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.