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The hot trade in aerospace and defense – including that of industry leader Raytheon – is coming to an end, according to Credit Suisse, which downgraded both the sector and the company to neutral on Tuesday.
"After six consecutive years of relative outperformance, defense hardware stocks have reached valuation multiples not seen since 2001. But whereas in 2001 those multiples were deserved in light of the beginning of a major land war and the end of an industry consolidation wave, today's market appears to have gotten ahead of itself," wrote analyst Robert Spingarn.
The team of Credit Suisse analysts demoted a slew of defense stocks Tuesday as a part of the sector rerating including Raytheon, the $60 billion company responsible for producing the Tomahawk cruise missile.