No fewer than four analysts raised their price targets on RTX
No fewer than four analysts have raised their price targets on Raytheon Technologies Corp (NYSE:RTX) following yesterday morning's fourth-quarter report. The aerospace giant reported better-than-expected earnings thanks to recovering global air traffic and higher global defense budgets, though revenue missed estimates.
RTX is down 1.5% to trade at $98.03 despite these bull notes, after yesterday soaring to a record high of $108.84 before settling with a more modest gain. Year-over-year, the equity is up 8.4%.
The majority of analysts are already bullish on Raytheon Technologies stock, with eight of the 12 in coverage carrying a "buy" or better rating. After these price-target hikes, the 12-month consensus price target of $107.35 is a 9.5% premium to current levels.
Calls have been more popular than usual of late. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), RTX's 10-day call/put volume ratio of 4.19 ranks higher than 86% of readings from the past year.