RTX upgraded to Outperform from Neutral at Baird

Baird upgraded RTX (RTX) to Outperform from Neutral with a price target of $160, up from $136. Looking out 12 months, the firm expects GTF engine headline risk to “materially subside” exiting 2025. This will be further supported by a multi-year global missile replenishment cycle and “robust” Department of Defense budgets amid meaningful supplemental spending bills and the Golden Dome for America initiative, the analyst tells investors in a research note. Baird sees RTX as a significant beneficiary of the initiative.