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RTN

Raytheon

$185.91

2.35 (1.28%)

, UTX

United Technologies

$132.15

0.5 (0.38%)

16:42
06/09/19
06/09
16:42
06/09/19
16:42

Raytheon, United Technologies agree to all-stock merger of equals

Raytheon (RTN) and United Technologies (UTX) have entered into an agreement to combine in an all-stock merger of equals. The combined company will be named Raytheon Technologies Corporation, and will exclude Otis and Carrier, which are expected to be separated from United Technologies in the first half of 2020 as previously announced. The combined company will have approximately $74B in pro forma 2019 sales. Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, Raytheon share owners will receive 2.3348 shares in the combined company for each Raytheon share. Upon completion of the merger, United Technologies shareowners will own approximately 57% and Raytheon shareowners will own approximately 43% of the combined company on a fully diluted basis. The merger is expected to close in the first half of 2020, following completion by United Technologies of the previously announced separation of its Otis and Carrier businesses. The timing of the separation of Otis and Carrier is not expected to be affected by the proposed merger and remains on track for completion in the first half of 2020. The combined company expects to return $18B-$20B of capital to shareowners in the first 36 months following completion of the merger. As a result of the combination, the company also expects to capture more than $1B in gross annual run-rate cost synergies by year four post-close, with approximately $500M in annual savings returned to customers. In addition, the combination presents significant long-term revenue opportunities from technology synergies. Raytheon plans to consolidate its four businesses into two businesses to be named Intelligence, Space & Airborne Systems and Integrated Defense & Missile Systems. The new businesses will join Collins Aerospace and Pratt & Whitney to form the four businesses of Raytheon Technologies. Net debt for the combined company at the time of closing is expected to be approximately $26B, with United Technologies expected to contribute approximately $24B. The combined company targets an 'A' category credit rating at the time of the closing. The combined company's Board of Directors will be comprised of 15 members, consisting of 8 directors from United Technologies and 7 from Raytheon, with the lead director from Raytheon. Tom Kennedy will be appointed Executive Chairman and Greg Hayes will be named CEO of Raytheon Technologies. Two years following the close of the transaction, Hayes will assume the role of Chairman and CEO. There is no change to either Raytheon's or United Technologies' financial outlook for 2019.

RTN

Raytheon

$185.91

2.35 (1.28%)

UTX

United Technologies

$132.15

0.5 (0.38%)

RTN Raytheon
$185.91

2.35 (1.28%)

01/10/19
SUSQ
01/10/19
INITIATION
Target $187
SUSQ
Positive
Raytheon initiated with a Positive at Susquehanna
Susquehanna analyst Charles Minervino initiated Raytheon with a Positive rating as he likes the company's strategic positioning in the industry. It has a high level of international leverage, missile and missile defense exposure, and technological solutions that tap into both governmental and commercial markets, said Minervino, who has a $187 price target on Raytheon shares.
01/10/19
01/10/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Ship Finance (SFL) initiated with a Neutral at B. Riley FBR. 2. Wipro (WIT) initiated with a Hold at Deutsche Bank. 3. Boeing (BA), Lockheed Martin (LMT), and Raytheon (RTN) were initiated with a Positive at Susquehanna while Northrop Grumman (NOC) and General Dynamics (GD) were initiated with a Neutral. 4. Dollar General (DG) initiated with an Outperform at BMO Capital while Dollar Tree (DLTR) was initiated with a Market Perform. 5. Verint (VRNT) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/03/19
UBSW
04/03/19
DOWNGRADE
Target $200
UBSW
Neutral
Raytheon downgraded to Neutral from Buy at UBS
UBS analyst Myles Walton downgraded Raytheon to Neutral from Buy and lowered his price target for the shares to $200 from $220. The stock's relative valuation "is no longer compelling" given the company's 150 basis points below average free cash flow yield for 2019 and 20 basis points below average for 202, Walton tells investors in a research note. The analyst notes Raytheon has outperformed the large-cap defense average by about 900 basis points year-to-date.
05/06/19
JEFF
05/06/19
NO CHANGE
Target $216
JEFF
Buy
Raytheon price target raised to $216 from $202 at Jefferies
Jefferies analyst Sheila Kahyaoglu raised her price target for Raytheon to $216 from $202 after meeting with Chairman and CEO, Tom Kenned. Raytheon continues to offer "top tier" growth and margins relative to peers, Kahyaoglu tells investors in a research note. She keeps a Buy rating on the shares.
UTX United Technologies
$132.15

0.5 (0.38%)

04/24/19
RBCM
04/24/19
NO CHANGE
Target $159
RBCM
Sector Perform
United Technologies price target raised to $159 from $149 at RBC Capital
RBC Capital analyst Deane Dray raised his price target on United Technologies to $159 after its Q1 earnings beat driven by "strength in Aero that more than offset weakness in Carrier." The analyst also cites the company increasing the low-end of its FY19 EPS guidance while maintaining the timeline outlook for its spins in the first half of 2020. Dray keeps his Sector Perform rating and believes that United Technologies will trade "mostly range-bound" until the company gets closer to the spins date.
05/10/19
GHSC
05/10/19
INITIATION
GHSC
Neutral
United Technologies initiated with a Neutral at Seaport Global
Seaport Global started United Technologies with a Neutral rating saying the upside/downside risk is balanced at current share levels.
05/10/19
05/10/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Wayfair (W) initiated with a Sell at Berenberg. 2. United Technologies (UTX) initiated with a Neutral at Seaport Global. 3. Alcon (ALC) initiated with an Outperform at Baird. 4. Pinterest (PINS) initiated with a Buy at Nomura Instinet and a Hold at Argus. 5. Reed's (REED) initiated with a Buy at RF Lafferty. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/30/19
COWN
05/30/19
NO CHANGE
COWN
Potential IndiGo engine switch a 'worry' for United Technologies, says Cowen
Cowen analyst Cai von Rumohr maintained a Market Perform rating and $135 price target on United Technologies, but called the Business Standard report that United Technologies' Pratt & Whitney may lose IndiGo's business to CFM International for its LEAP1-A engines a "reputational negative" that "could hurt it in future sales campaigns."

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