Defense firm Raytheon Company (RTN: sentiment, chart, options) continues to enjoy the Street's bullish attention. JPMorgan today raised its price target on the stock from $58 to $60, noting that RTN boasts a superior organic growth profile supported by strong bookings in the U.S. and abroad.

Today's boost follows another endorsement of RTN by analysts at Goldman Sachs last Friday. The brokerage firm upped Raytheon shares from "neutral" to "buy," due in large part to expectations for healthy defense spending by the incoming Obama administration.

In fact, RTN seems like a particularly compelling play in the defense sector, now that President-elect Barack Obama has appointed former lobbyist William J. Lynn III to deputy defense secretary. The appointment makes Lynn the second-ranking civilian at the Pentagon, behind Defense Secretary Robert Gates, and it marks a rather obvious divergence from Obama's anti-lobbyist campaign platform.

Specifically, Lynn was personally registered as a lobbyist for Raytheon through July 2008. The Obama camp is so far downplaying, but not denying, the rather obvious conflict of interest. "We are aware that Mr. Lynn lobbied for Raytheon, and are working with Mr. Lynn to craft a role for him that is consistent with the President-elect's high standards while balancing the need to fill this critical national security position," stated Obama spokesman Tommy Vietor.

In early trading, RTN is shrugging off the bullish brokerage note to trade fractionally lower.