UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Raytheon Company

In a report published Friday, Jefferies reiterated its Buy rating on Raytheon Company RTN, and raised its price target from $62.00 to $66.00. Jefferies noted, “Due to better operational performance, RTN delivered a sharply higher-than-expected EPS for Q4:12 of $1.42 vs. our estimate of $1.20. We believe management initiated rather conservative 2013 EPS of $5.16-$5.31. Our 2013 EPS estimate moves slightly to $5.60 from $5.65 to account for accelerated restructuring and some dilution from acquisitions.” Raytheon Company closed on Thursday at $58.20.