Deutsche upgrades RTX to Hold on lack of estimate downside

Deutsche Bank upgraded RTX to Hold from Sell with a price target of $129, up from $109. The firm forecasts a Q3 earnings beat and thinks the company’s full-year guide can be maintained despite the strike at Boeing given an “undemanding” second-half setup. The analyst says the prior Sell rating “has seen thesis creep” as Street estimates don’t appear to have meaningful downside. The market seems more willing to view RTX as a defense stock than Deutsche expected, the analyst tells investors in a research note.