Stronger for Longer Across Commercial Aerospace and Defense; Reiterate OW

研报英文原文证据摘录

Stronger for Longer Across Commercial Aerospace and Defense; Reiterate OW

Idea

July 24, 2026 05:16 AM GMT

Morgan Stanley & Co. LLCMRTX Corp | North America Kristine T Liwag

Equity Analyst

Stronger for Longer Across Kristine.Liwag@morganstanley.comJason T Holcomb +1 212 761-2980

Research Associate

Jason.Holcomb@morganstanley.com +1 212 761-5592

Commercial Aerospace and Justin M Lang

Justin.Lang@morganstanley.com +1 212 761-6251

Defense; Reiterate OW Gabrielle Knafelman

What’s Changed Gaby.Knafelman@morganstanley.com +1 212 761-4838

Shaina C Zuber

RTX Corp (RTX.N) From To Research Associate

Price Target $220.00 $240.00 Shaina.Zuber@morganstanley.com +1 212 761-6353

Strong beat-and-raise 2Q26 results reinforce a favorable setup RTX Corp (RTX.N, RTX UN)

Aerospace | United States of America

into 2H26 and 2027, with strong demand across commercial

Stock Rating Overweight

aerospace and defense supporting revenue, margin, and FCF Industry View Attractive

Price target $240.00

upside. Reiterate OW / increase PT to $240. Shr price, close (Jul 23, 2026) $209.16

Mkt cap, curr (mm) $284,882

52-Week Range $214.41-149.19

Key Takeaways Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Strong 2Q26 beat and raise demonstrates that RTX’s growth story and strong EPS ($)** 6.29 7.25 7.85 8.50

Prior EPS ($)** - 6.90 7.60 8.22

execution remain intact. P/E 29.2 28.8 26.7 24.6

EPS ($)§ 6.19 6.92 7.59 8.36

Raytheon remains the primary upward estimate revision opp, with addt’l upside FCF yld ratio (%) 2.7 2.5 3.1 3.5

from Pratt aftermarket growth and Collins mgn. expansion. Div yld (%) 1.5 1.4 1.5 1.6

Concerns around 2027 appear to be easing, supported by record backlog, int’l Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare