Cowen Raises Price target to $130 on Raytheon (RTN) Following 3Q15

Cowen reiterated an Outperform rating on Raytheon (NYSE: RTN), and raised the price target to $130.00 (from $120.00), following the company's 3Q15 earnings results. Q3 EPS of $1.47 beat by 7¢ on a 5% organic sales gain with 5¢ of the favorable EPS variance from ops and 4¢ from lower interest expense, tax rate & share count, which outweighed a 2¢ rabbi trust loss.

Analyst Cai Rumohr commented, "Improved bookings prospects & untapped financial firepower bolster RTN's potential for 10%+ EPS/CFPS growth beyond 2017. We're raising our PT to $130 - a 7% cash flow yield; and possible expanding share repo could trigger the stock."

For an analyst ratings summary and ratings history on Raytheon click here. For more ratings news on Raytheon click here.

Shares of Raytheon closed at $117.28 yesterday.

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