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RTN

Raytheon

$178.10

-0.42 (-0.24%)

17:59
08/16/19
08/16
17:59
08/16/19
17:59

Raytheon awarded $199.59M Navy contract for MK 15 CIWS

Raytheon has been awarded a $199.59M firm-fixed-price contract for MK 15 close-in weapon system, or CIWS, upgrades and conversions, system overhauls, and associated hardware. CIWS is a fast-reaction terminal defense against low- and high-flying, high-speed maneuvering anti-ship missile threats that have penetrated all other defenses. This contract includes options which, if exercised, would bring the cumulative value of this contract to $367.2M. Work is expected to be completed by October 2023. This contract combines purchases for the U.S. government; Kingdom of Saudi Arabia and the United Kingdom under the foreign military sales, or FMS, program. FY19 operations and maintenance; FY19 other procurement; FY19 shipbuilding and conversion; FMS Kingdom of Saudi Arabia; FMS United Kingdom and FY19 weapons procurement funding in the amount of $199.59M will be obligated at time of award. Funds in the amount of $59.96M will expire at the end of the current fiscal year. This contract was not competitively procured in accordance with 10 U.S. Code 2304. Raytheon is the only source that can provide the MK 15 CIWS to fulfill Navy, Army, Coast Guard and FMS requirements without unacceptable delays and substantial duplication of costs that cannot be recovered through competition. The Naval Sea Systems Command is the contracting activity.

RTN Raytheon
$178.10

-0.42 (-0.24%)

06/24/19
COWN
06/24/19
UPGRADE
Target $150
COWN
Outperform
United Technologies upgraded to Outperform from Market Perform at Cowen
Cowen analyst Cai von Rumohr upgraded United Technologies (UTX) to Outperform from Market Perform following the selloff in the shares after the Raytheon (RTN) merger announcement. The analyst raised his price target on United Technologies shares to $150 from $135.
06/24/19
BUCK
06/24/19
DOWNGRADE
Target $195
BUCK
Neutral
Raytheon downgraded to Neutral from Buy at Buckingham
Buckingham analyst Richard Safran downgraded Raytheon to Neutral from Buy and lowered his price target on the shares to $195 from $265.
06/24/19
06/24/19
UPGRADE

Outperform
United Technologies upgraded to Outperform from Market Perform at Cowen
As previously reported, Cowen analyst Cai von Rumohr upgraded United Technologies (UTX) to Outperform from Market Perform following the selloff in the shares after the Raytheon (RTN) merger announcement. The analyst raised his price target on United Technologies shares to $150 from $135. The analyst was positive on the "attractive" proposed Raytheon merger, seeing synergies in hypersonics, directed energy, ISR, cyber protection for connected aircraft, and air traffic control. The analyst also liked United Technologies for the "extended Aerospace cash ramp," as they see a likely multiyear margin/cash flow ramp in that space.
06/24/19
06/24/19
DOWNGRADE

Neutral
Raytheon downgraded to Neutral from Buy at Buckingham
As previously reported, Buckingham analyst Richard Safran downgraded Raytheon (RTN) to Neutral from Buy and lowered his price target on the shares to $195 from $265. The analyst said that initially he was neutral on the deal with United Technologies (UTX), which Buckingham does not cover, but now believes it is a solid deal for United Technologies that "possibly undervalues" Raytheon. Safran added that until the deal is either completed or denied by the Pentagon, Raytheon shares will now be tied to United Technologies.

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USAT

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