Is RTX Corporation Stock Going to $119? 1 Wall Street Analyst Thinks So.
RTX Corporation (NYSE: RTX) reported terrific earnings last week, beating analyst targets on both the top and bottom lines Tuesday. Granted, its guidance for the rest of this year was a bit underwhelming, with forecast ranges for both sales and earnings falling short of the Wall Street consensus. Investment bank Susquehanna didn't let that scare it off from recommending the shares, however.
On Wednesday, Susquehanna analyst Christopher Rolland doubled down on its "positive" rating on RTX shares, and raised his price target on the stock by $9, to $119 a share.
What did Rolland like about RTX's report? The analyst highlighted RTX's record backlog number of $202 billion worth of contracts in hand, as well as the potential for this number to grow because of "compelling Commercial, Defense and Aftermarket revenue growth prospects [after] all three of its major business segments" showed strong growth in the quarter.
Source Fool.com
