RTX - Is Raytheon A Good Stock To Buy For The Long Term? It's A Fair Choice

• Raytheon has major commercial exposures that are coming out of a depression, probably durably, with the return of the service industry.
• The defense exposures are struggling with supply chain issues and the F-35 exposure, but backlog is growing and locks in the benefits of a tense geopolitical environment.
• The emerging mix is favourable incrementally to the Raytheon bottom line, and the stock price is still trading around pre-COVID levels despite tectonic shifts in defense.
• Supply chain concerns remain in titanium, but productive backlog from missiles and defense should liquidate in the latter half of the year, and both sales and profits should grow.
• However, at current multiples, Raytheon seems fully priced.

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