UPDATE: JP Morgan Downgrades Raytheon Company to Neutral on Valuation

JP Morgan downgraded Raytheon Company

from Overweight to Neutral and maintained the price target at $56.00. JP Morgan noted, "RTN was the best performer among large-cap defense primes last year, returning 23% compared to an average of 18% for its peers. We believe much of RTN's strong performance has been attributable to its international business mix and healthy dividend increase; however, we believe both of these dynamics are well appreciated by investors and at 10.4x our 2014 PAEPS estimate, its valuation seems fair in the context of the current environment." Raytheon Company closed at $58.35 on Monday.