Raytheon is in full focus today after receiving a new power beaming contract from the U.S. Army. A division of RTX Corporation (RTX), this well-known defense contractor produces a wide array of technology, primarily with applications for the commercial aerospace and defense industries. According to a statement released today, Raytheon has been awarded a new Army contract to develop wireless power beam technology, which transmits energy over long distances through electromagnetic waves.
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What’s Happening With RTX Stock Today?
Despite closing out yesterday in the green, RTX stock dipped slightly today in pre-market trading. This can likely be attributed to general market momentum, which has caused some volatility for RTX over the recent quarter. However, despite some declines over the three-month period, the stock has performed well over the past six months, rising 19% and mostly trending upward.
Raytheon’s new contract is likely to help this growth continue as RTX stock approches the year’s end. In today’s statement, the company noted that power-beaming technology is a critical component of battlefield strategy. It can improve logistics by eliminating the need for troops to carry extra fuel and batteries, thereby improving soldiers’ operation time.
Reliance on power beaming tech is only likely to increase, particularly if global conflicts continue to escalate. If Raytheon, a company with a long history of producing wireless technology, is able to establish itself as a leading provider, it could help give RTX stock an edge over fellow defense contractors.
Wall Street Remains Sidelined On RTX Stock
Turning to Wall Street, analysts have a Moderate Buy consensus rating on RTX stock based on five Buys and nine Holds assigned in the past three months, as indicated by the graphic below. After a 57% rally in its share price over the past year, the average RTX price target of $134.07 per share implies 9.8% upside potential.
See more RTX stock analyst ratings
Despite this mixed Wall Street sentiment, RTX is still well positioned to continue growing in 2025. Its subsidiaries include several prominent aerospace technology producers, including Raytheon, Pratt & Whitney, and Collins Aerospace. This means RTX stock will benefit from any government of military contracts that these companies receive.
