14 Best S&P 500 Stocks to Buy Now According to Analysts

7. RTX Corporation (NYSE:RTX) 

Upside Potential as of June 14: 22.60%

RTX Corporation (NYSE:RTX) is an aerospace and defense company that provides systems and services for commercial, military, and government customers worldwide. It operates through three segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon.

RTX Corporation (NYSE:RTX) announced on June 8 that it would invest $100 million in a Raytheon facility in Rhode Island to cater to the rising demand for air and missile defense systems. The investment will support expanded testing of the Lower Tier Air and Missile Defense Sensor (LTAMDS), a next-generation radar designed to detect and track advanced threats, including hypersonic weapons. The company is currently under contract to provide multiple LTAMDS radars to the US Army and Poland.

Moreover, the Rhode Island facility will also increase production of components used in the Patriot Advanced Capability-2 Guidance Enhanced Missile-Tactical, known as GEM-T. The missile is used by Patriot air defense systems to counter aircraft, cruise missiles, and tactical ballistic missiles.

RTX revealed that it currently employs more than 850 people in Rhode Island, and the expansion will bring a further 150 high-tech jobs to the state.

Tom Laliberty, President of Land & Air Defense Systems at Raytheon, stated:

“This investment strengthens our ability to deliver critical air and missile defense capabilities to customers around the world. Expanding in Portsmouth allows us to scale production, advance LTAMDS testing, and ensure the U.S. Army and our international partners receive these systems as quickly as possible.”