RTX - Raytheon Stock: Buy Sell Or Hold?

• With strong businesses in both commercial aerospace and defense, RTX shares represent a post-COVID recovery play with good risk/reward.
• Since 2020, RTX's defence segments have continued to grow both revenues and profits, while its aerospace segments are breaking even.
• Free cash flow is expected to be $4.5bn in 2021, and RTX is committed to reaching the $8-9bn pre-COVID target in the next few years.
• Global air traffic will likely start to recover in earnest in the summer, though it will probably be 2023 before it reaches 2019 level again.
• With shares at $74.91, we expect an exit price of $104 and a total return of 56% (13.0% annualized, including a 2.5% Dividend Yield). Buy.

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