United Technologies (UTX - Get Report) shares got a bump Monday thanks a bullish note from Cowen analyst Cai von Rumohr who raised his rating to outperform after holding the stock at market perform since September 2017. 

Von Rumohr increased his price target to $150 from $135, representing a potential upside of 17% from the stock's closing price Friday of $128.75. United Technologies shares were trading at $130.19 on Monday, up 1.12%. 

The firm is bullish on the company's merger with weapons maker Raytheon (RTN - Get Report) , a sentiment not everyone on Wall Street shares as the stock has declined following the announced $120 billion merger between the two. 

But von Rumohr believes that the deal "offers a win-win for attractive standalone valuation or merger benefits. The firm also sees the company's aerospace unit at "an attractive inflection point."

Raytheon Technologies Corp., the proposed name for the newly-created group, would have combined sales in the region of $74 billion, and will be listed on the New York Stock Exchange. Raytheon, which makes the Tomahawk and Patriot missile systems for the U.S. military, will own 43% of the combined company, which will be led by United Technologies CEO Grey Hayes. Raytheon's Tom Kennedy will serve as executive chairman for a minimum of two years.