RTX Corporation (RTX) Receives Order For SharpSight radars from Blue Raven

RTX Corporation (NYSE:RTX) is among the 9 Best Drone Stocks to Buy According to Wall Street Analysts. On May 6, the company announced that its Raytheon business had received an order for 120 SharpSight radars from Blue Raven.

RTX Corporation (RTX) Receives Order For SharpSight radars from Blue Raven

Pixabay/Public Domain

This marks the largest order so far for the multi-domain surveillance radar, which is used by both manned and autonomous systems for vital operations such as border security and monitoring, search and rescue, anti-surface warfare, and long-range surveillance.

According to the press release, RTX Corporation (NYSE:RTX) will manufacture and sustain the radar under the terms of the agreement, while Blue Raven will be responsible for global resale and distribution. The collaboration between the two companies is expected to expand the system’s availability to customers globally.

In other news, the aerospace and defense company said last week that AirAsia had ordered 150 Airbus A220 aircraft, which will be powered by Pratt & Whitney GTF engines. The agreement also includes a 12-year engine maintenance agreement with the airline.

Wall Street continues to rate RTX a Moderate Buy, based on 15 analysts’ recommendations, as of the close of business on May 8. The stock has an average share price upside potential of 26%.

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.

While we acknowledge the risk and potential of RTX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RTX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best Large Cap Defense Stocks to Buy According to Hedge Funds and 18 Countries with Highest Indian Population in the World.

Disclosure: None. Follow Insider Monkey on Google News.