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RTX receives $287 million Navy contract modification

RTX Corp’s (RTX) Raytheon unit has been awarded a $287 million modification to a previously announced firm-fixed-price, cost-plus-incentive-fee, cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract.

The modification focuses on the recertification and modernization of 166 Tomahawk Block IV All-Up-Round Missiles, aiming to ensure the latter can remain operational for up to additional 15 years of service.

Work is to be performed in Tucson, Arizona; Pontiac, Michigan; Camden, Arkansas; Lincoln, Nebraska; Clearwater, Florida; Irvine, California; Keyser, West Virginia; East Camden, Arkansas; Huntsville, Alabama; Bethel, Connecticut, and other locations in the United States, with completion expected in March 2026.

Stock Performance

The shares of RTX Corp (RTX) closed 0.08% ($0.08) higher at $97.53 in New York on Thursday, as they extended the gains from the previous four market sessions. This has been the highest closing price since July 11th 2023.

The aerospace and defense company’s total market cap now stands at $129.68 billion.

The shares of RTX Corp (RTX) went down 16.63% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The company’s shares have risen 15.91% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 8 out of 13 surveyed investment analysts had rated RTX Corp’s stock as “Hold”, while 4 – as “Buy”. The median price target on the stock stands at $96.46, which translates into a 1.10% downside compared to the closing price on Thursday.

The high point of the analyst forecast range stands at $120.00.

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