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TipRanks

Is it Too Late to Buy RTX (NYSE:RTX) Stock?

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Summary
Nutrition label

83% Informative

Aerospace and defense contractor RTX Corporation (RTX) has rallied 49% so far in 2024 .

I believe it is too late to buy the stock, and I am initiating coverage with a Hold rating.

The company ended the third quarter with a record backlog of $221 billion , equivalent to nearly three years of revenue at the current pace.

Analysts have a Moderate Buy rating consensus consensus on RTX .

Among 15 analysts, six have issued Buy ratings and nine have assigned Hold ratings in the past three months .

The average 12-month price target of $ 132.47 equates to a 7.22% upside from current price levels.