UPDATE: Credit Suisse Raises PT on Raytheon Company on Q1 Results

In a report published Friday, Credit Suisse analyst Robert Spingarn reiterated an Outperform rating on Raytheon Company

, and slightly raised the price target from $62.00 to $63.00. In the report, Spingarn noted, “RTN's Q1 mirrored that of its peers, with a strong 16.5% EPS beat against consensus, driven both by sales and margins. Also, in keeping with what we've seen at GD, LMT and NOC, Raytheon's full-year guidance now incorporates its assessment of Sequester. While this drives a ~1.7% decline to the revenue outlook (in line with mgmt commentary on the Q4 call that spoke of a 1.0-2.0% sales impact from Sequester), strong margins in Q1 and likely conservatism in the initial January guide still enabled RTN to raise its full-year EPS guidance by ~2.0%. We continue to favor RTN for its more platform agnostic, electronics-focused business model and its international exposure which, as outlined below, yields a slightly better revenue growth rate in 2013. We reiterate Outperform with a $63 TP (from $62). Our 2013 EPS moves to $5.45 (from $5.40) to incorporate the new guidance. We also reduce our '14/'15 EPS to $5.50/$6.59 (from $5.74/$6.92) due to the full effect of '13 sequester and the half effect of the anticipated '14 sequester.” Raytheon Company closed on Thursday at $59.30.