RTX: Defense Play With Commercial Growth Engine, A Cautious Buy

I believe these represent very solid growth rates for a business of this size. Defense via Raytheon appears to be growing more slowly at a 6% rate. However, I believe investors should recognize the more defensive nature (less cyclical) of these revenue streams due to the idiosyncratic trends in defense spending (especially in Europe) which arguably don't rely much on the business cycle (Europe needs to bolster its defenses somewhat independently from economic fluctuations). The book to bill at 1.05x in the ...