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Fly News Breaks for April 3, 2019
Apr 3, 2019 | 05:56 EDT
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.
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