L3HARRIS / RTX CORP : Corporate Contact: Key Takeaways

研报英文原文证据摘录

L3HARRIS / RTX CORP : Corporate Contact: Key Takeaways

EQUITIES

AEROSPACE & DEFENSE

L3HARRIS NEUTRALPRICE* USD294.8  TARGET PRICE USD330 (UPSIDE 12%)

RTX CORP OUTPERFORMPRICE* USD185.6  TARGET PRICE USD220 (UPSIDE 19%)

FLASH NOTE

Corporate Contact: Key Takeaways

22 JUNE 2026 Securities Research Report Production time: 11:16* (London time)

Research Analyst & Publishing Entities

Matthew Akers, CFA BNP Paribas Securities Corp (1) +1 (201) 951-5967 matthew.akers@us.bnpparibas.com

We caught up with RTX (RTX, Outperform) and L3Harris (LHX, Neutral) heading into Q2 reporting. The companies

have made no changes to prior guidance. Please reach out to us for more details.

RTX: No changes, still waiting for missile deals

Overall, our sense is that not much has changed for RTX since reporting Q1 results. While the stock performance has

been somewhat weak, we think this has largely been driven by broader macro moves rather than anything idiosyncratic.

On the yet-to-be finalized missile deals, the government currently has 7 year contracting authority on Tomahawk.

However, it does not have this for the Standard Missile or AMRAAM, which could be granted in either the base budget,

reconciliation, or Iran war supplemental bills. On the commercial side, customer behaviour still appears unaffected from

the Iran war / oil price moves. Engine deliveries should be up mid-to-high single digits for the year as previously guided,

and growth will start to normalize after a slower start in Q1. We’d also highlight that Pratt has a somewhat easy cash

comparison in Q2 given the strike that occurred last year, delaying some collections into Q3.

LHX: No change to guide, underlying growth drivers remain strong