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Defense contractor Raytheon Company ( RTN ) on Tuesday caught some bullish commentary from analysts at Stifel Nicolaus.

The firm resumed coverage on RTN with a "Buy" rating and $63 price target, suggesting a 16% upside to the stock's Monday closing price of $54.21.

A Stifel Nicolaus analyst commented, "We are resuming coverage of Raytheon Company ( RTN ) with a Buy rating and a $63 target price as we believe its favorable exposure to the international and classified market should allow it to outperform its peer group given the outlook for declining U.S. defense spending."

Continuing, "In addition to the international business, Raytheon expects to generate roughly 15% of sales from the classified market in 2012, which would be a double-digit year-over-year increase. In our opinion, classified programs are likely to see a higher degree of protection from defense spending cuts; however, we have begun to see indications that services type programs within the classified market (i.e. cyber security) are beginning to see increased competition."

Raytheon shares were unchanged in premarket trading Tuesday.

The Bottom Line
We recently began recommending shares of Raytheon ( RTN ) back on Mar.23, when the stock was trading $51.96. The company has a 3.69% dividend yield, based on last night's closing stock price of $54.21.

Raytheon Company ( RTN ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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