There is life beyond Boeing (BA - Get Report) when it comes to investing in defense stocks. 

TheStreet talked with Stifel managing director Joseph DeNardi on which is the better stock to own: Lockheed Martin (LMT - Get Report) or Raytheon (RTN - Get Report) . Raytheon scored the win, even though DeNardi also likes Lockheed Martin. 

On Raytheon

"Raytheon is much more levered to the international market and so our view is that with a heightened threat environment internationally, that will support higher international defense spending," DeNardi said at Stifel's 2018 Cross Sector Insight Conference

About 35% of Raytheon's business is international and has higher margins, explained DeNardi. "We think that is a structural advantage Raytheon has over some of its peers." 

TheStreet's founder Jim Cramer is also bullish on Raytheon. 

"My advice is that every time Raytheon's stock is down you buy it," Cramer said on the latest Action Alerts PLUS member call. "We don't want to wreck our basis, but Raytheon's stock is a buy for me right here."

On Lockheed Martin

"The reason we like Lockheed is that we think the F-35 program is on the favorable end of the risk curve for Lockheed, where margins are clearly expanding and the program is growing," says DeNardi.

Watch below what Boeing CEO Dennis Muilenburg told TheStreet on the outlook for defense spending

Raytheon is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells RTN? Learn more now.