RTX hits record high after hiking FY24 profit forecast
Updates
** Aerospace and defense company RTX's RTX.N shares gain 8.8% to $113.96
** Stock hit record high of $114.10 earlier in the day
** Company lifts FY24 adj EPS forecast range to $5.35-$5.45 vs prior expectation of $5.25-$5.40
** Forecast bump driven by demand in broader commercial aviation sector, compelling airlines to fly older aircraft and spend on aftermarket services, benefiting companies such as RTX
** Company's Q2 results also beat Wall Street estimates
** Quarterly profit at company's unit Pratt and Whitney, that makes engines to power some Airbus planes, doubles to $542 mln on demand for original equipment and aftermarket services
** Average rating of 25 brokerages on stock is "buy", median PT $105 - LSEG
** As of last close, RTX shares up more than 24% YTD
Reporting by Purvi Agarwal in Bengaluru
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