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Cowen analyst names Raytheon stock his ‘best idea’ for 2023

by November 28, 2022
by November 28, 2022 0 comment
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Raytheon Technologies Corp (NYSE: RTX) has recovered about 15% over the past two months but a Cowen analyst is convinced it’s not yet done pleasing its shareholders.

Raytheon stock should be worth $120

On Monday, Cai von Rumohr named “RTX” his best idea in aerospace and defense for 2023 and said the stock had upside to $120. That represents close to a 25% return from here.

The Cowen analyst is bullish on commercial aerospace aftermarket sales for next year as demand for air travel continues to rebound following more than two years of COVID-driven weakness.

On top of that, he expects defense spending to remain strong as the United States and its allies replenish the inventory depleted due to the Ukraine war. That will further help the top-line growth, Rumohr added.  

On CNBC’s “Halftime Report”, Cerity Partners’ Jim Lebenthal agreed with his constructive view on the Raytheon stock that currently pays a dividend yield of more than 2.25%.

Rumohr’s estimate for earnings growth

According to the Cowen analyst, Raytheon stock will also benefit as the multinational ramps up the production of its F-135 engine in 2023. Together, these contributing factors will drive about a 15% growth in earnings through 2025, Rumohr said in his note.

This is the highest earnings per share growth among aerospace and defense big caps.

In October, the aerospace and defense conglomerate reported better-than-expected profit for its third financial quarter and issued guidance that also topped analysts’ forecast.

A few of the other aerospace stocks that Rumohr likes include Boeing Co and Leidos Holdings Inc.

The post Cowen analyst names Raytheon stock his ‘best idea’ for 2023 appeared first on Invezz.

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