Boeing, Raytheon added to Goldman’s conviction buy list

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Goldman Sachs added Boeing and Raytheon Technologies to its conviction buy list, while remove L3Harris Technologies and Lockheed Martin . Goldman said of Boeing that it’s a rare cyclical investment opportunity ahead of eventual end-market improvements, adding the pace of aircraft order cancellations out of the Boeing backlog has slowed significantly, and been surprisingly limited for widebody aircraft. On Raytheon, “it is too high quality and well positioned of a company to trade at an 11% FCF yield on the fully aerospace-recovered and fully synergized 2023E free cash.” Goldman kept Lockheed and L3Harris at buy but said there were better opportunities in the aerospace stocks.
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