On July 28, RTX Corp rose 3.08% in regular trading, trading at $219.375/share, with turnover of $5.86 billion. The stock continued its upward trajectory as multiple institutions raised their price targets and initiated bullish coverage.

On the news front, TD Cowen raised its price target on RTX from $225 to $240, while William O'Neil initiated coverage with a Buy rating on the same day. This follows Baird's earlier target raise to $240 from $225. The consensus mean price target now stands at $232.55 according to FactSet. The wave of upgrades comes after RTX reported strong Q2 results on July 23, with adjusted EPS of $1.89 beating the $1.66 estimate by nearly 14%, and net sales of $24.71 billion exceeding the $22.89 billion consensus. The company also raised full-year adjusted EPS guidance to $7.10-$7.25, well above the prior $6.70-$6.90 range. Morgan Stanley highlighted that RTX's record $289 billion backlog, rising international defense orders, and firm commercial aerospace demand should support continued growth, with Raytheon's single-quarter bookings of nearly $20 billion driving a 2.4x book-to-bill ratio.

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