5 Best Aerospace Stocks to Buy Right Now

3. RTX Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 79

RTX Corporation (NYSE:RTX) is among the 12 Best Aerospace Stocks to Buy Right Now. On March 31, the company announced that its Pratt & Whitney business had secured a $3.8 billion contract modification for lots 18-19 of the F135 engine, which is used by the F-35 Lightning II.

The press release said that the modification will ‘definitize’ the production of lot 18 F135 propulsion systems and also includes the production of F135 propulsion systems for lot 19 F-35 production. The F135 lots 18-19 contract is now valued at $6.6 billion.

RTX Corporation (NYSE:RTX) said that Pratt & Whitney has invested more than $1 billion over the last five years to enhance production, which has resulted in a 20% increase in production rates for the F135 engine compared to previous contract rates.

In other news, the stock continues to remain on analysts’ radar and currently sports a Moderate Buy rating with a share price upside potential of 15% as of the close on April 2.

On Thursday, Citigroup trimmed its price target on RTX Corporation (NYSE:RTX) to $226 from $238 and maintained a Buy rating as part of its Q1 preview. This followed Wells Fargo’s initiation of coverage on the stock a day earlier when it announced an Equal-Weight rating and a $200 price target for the aerospace and defense company.

RTX Corporation (NYSE:RTX) is a giant in the global aerospace and defense industry, providing systems and services to commercial, military, and government clients. It operates through three main businesses: Collins Aerospace, Pratt & Whitney, and Raytheon.