Raytheon's (NYSE:RTN) Second Half Looks Good

Citing conflicts without any apparent short-term solutions rising up around the world, Morgan Joseph sees eventual strong earnings from Raytheon (NYSE:RTN), with the second half expected to be solid for the company.

"While the continuing resolution funding U.S. government operations may delay the start of some programs, it appears that the pipeline of domestic and international business should lead to a strong back half of 2011," said Morgan Joseph.

The timing is in question as to when earnings will come from the sale of Patriot missile defense systems by various countries, and so does leave some doubt as to when, although not "if" the earnings will strengthen for them.

Raytheon closed Thursday at $47.07, gaining $0.73, or 1.58 percent. Morgan did lower their price target on them from $65 to $60.