Shares of aerospace and defense conglomerate Raytheon Technologies Corp. (NYSE: RTX) has seen an upsurge in the near term as the Russia-Ukraine conflict increased the demand for defense products across the world.
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The stock has gained almost 11% over the past three months, 12.5% during the last six months, and 14.8% so far this year.
Headquartered in Massachusetts, Raytheon develops and manufactures advanced technology products in the aerospace and defense industry, including aircraft engines, avionics, aerostructures, cybersecurity solutions, guided missiles, air defense systems, satellites, and drones.
On the basis of revenue and market cap, it is one of the world’s largest aerospace, intelligence services providers, and defense manufacturers.
Recent Developments
Last week, the company’s Raytheon Missiles & Defense (RMD) business received an up to $3.2 billion hardware, production and sustainment contract to manufacture its AN/SPY-6(V) family of radars.
As part of the five-year contract, up to 31 U.S. Navy ships will be fitted with SPY-6 radars. These solid-state, fixed-face and rotating SPY-6 radar variants will provide integrated air and missile defense capabilities for seven different types of ships of the U.S. Navy for the next four decades.
Wes Kremer, the President of RMD, said, “SPY-6 is the most advanced naval radar in existence, and it will provide our military a giant leap forward in capability for decades to come.”
The company has invested more than $600 million in the development and production of the SPY-6 family of radars, which will add enhanced detection abilities and advanced electronic warfare protection capabilities to the surface fleet.
Price Target
Based on six Buys and one Hold, Raytheon Technologies has a Strong Buy consensus rating. RTX’s average price target of $110.29 implies 11.1% upside potential from current levels.
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