Strong Q3 Performance and Future Growth Prospects Justify Buy Rating for RTXWe expect Golden Dome-related orders to add to backlog over the next few Qs. (2) P&W - RTX's affirmed its +30% C25 MRO output growth, despite only +21% YTD (+9% in Q3). This guide requires a significant MRO output ramp in Q4 (50E%). RTX notes that "Gate 3" starts (there are 4 "gates") were a record level in Q3, & that rising supply of materials ("Gate 2") & quicker shop turnaround times (80% at <110 days) inform this confidence. However, the allocation of parts to MRO may dampen large comm engine OE deliveries, which are now guided +8-10% in C25 vs. prior +14%. RTX has not changed its $2.9B provision for GTF AoGs, a positive sign. For context, C25's GTF AoG compensation is still guided to be $1.1-1.3B, which implies nearly $500MM of Q4 comp.