Raytheon Results Disappoint, but Future Growth Is Locked In; Raising Fair Value Estimate to $156
Raytheon reported fourth-quarter and full-year 2016 results that missed expectations, resulting in a sell-off. We also think that concerns about the Forcepoint business and Raytheon's withdrawal from the T-X trainer competition created some selling pressure. Yet in our view, international growth coupled with increasing U.S. defense spending makes Raytheon the most attractive U.S. defense firm we cover. We are raising our fair value estimate to $156 as a result of higher growth combined with slig...Raytheon, together with its subsidiaries, is a technology company, focused on defense and other government markets. The company has five segments: Integrated Defense Systems, which is engaged in integrated air and missile defense; large land- and sea-based radar solutions; command, control, communications, computers, cyber and intelligence solutions; Intelligence, Information and Services, which provides technical services to intelligence, defense, federal and commercial customers; Missile Systems, which produces missile and combat systems; Space and Airborne Systems, which develops integrated sensor and communication systems for missions; and Forcepoint, which develops cybersecurity products.
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