UPDATE: Bank of America Upgrades Raytheon to Neutral on Unique Market Position

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In a report published Friday, Bank of America analyst Ronald J. Epstein upgraded the rating on

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Raytheon Company

(NYSE: RTN) from Underperform to Neutral, and raised the price target from $52.00 to $79.00.In the report, Bank of America noted, “We view RTN as the most diverse of the five major defense contractors. RTN is platform agnostic with 8,000 programs on 15,000 contracts. 25 percent of total sales are derived from international customers which could provide some protection from a slowing US defense budget. However, with 75 percent of total sales to the US government, RTN is not immune to defense austerity measures in the US including sequestration.”Raytheon Company closed on Thursday at $69.75.