Why Raytheon's Stock Is Trading Higher Today

Raytheon Technologies RTX shares are trading higher on Thursday.

RBC Capital initiated coverage on the stock with an Outperform rating and a $69 price target.

Raytheon is an aerospace and defense industrial company formed from the merger of United Technologies and Raytheon, with roughly equal exposure as a supplier to the commercial aerospace manufactures and to the defense market as a prime and subprime contractor.

Raytheon Technologies shares were trading up 3% at $59.62 at the time of publication on Thursday. The stock has a 52-week high of $158.44 and a 52-week low of $48.05.