: RTX stock slips after BofA downgrades on 1st day of company’s new name

Shares of RTX Corp. RTX, formerly known as Raytheon Technologies Corp., slipped 0.2% in morning trading Thursday on the first day under the aerospace and defense contractor’s new name. The stock had dropped 11.0% over the past two sessions, after the company said some of its Pratt & Whitney airline jet engines would need to be removed from service for inspection, due to contamination in powdered metal used to make certain parts. The stock slipped as BofA Securities analyst Ronald Epstein downgraded it to neutral from buy, and cut his price target to $95 from $220. “The most recent powder metal issue suggests that smoother waters at P&W likely remain further out on the horizon than previously expected,” Epstein wrote in a note to clients. “We also suspect investor patience with the hurdles facing RTX is running short, and that the narrative is now a ‘show me story’.” The stock has shed 13.3% over the past three months, while the S&P 500 SPX has gained 11.3%.

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