Credit Suisse analyst Robert Spingarn upgraded Raytheon (RTN) to Outperform from Neutral and raised his price target for the shares to $230 from $188. The analyst believes United Technologies' (UTX) aerospace businesses are undervalued and that the market has yet to appropriately discount Raytheon's ~43.1% ownership of the proposed combined entity. Further, as standalone entity, Raytheon has very little net debt, which is a "significant positive" in the context of the pending merger with United Technologies' aerospace businesses, Spingarn tells investors in a research note.