- Wells Fargo analyst Matthew Akers lowered L3Harris Technologies Inc's (NYSE:LHX) price target to $240 (an upside of 15%) from $254 and maintained an Overweight rating on the shares.
- Akers notes the stock trades at a discount to its defense peers despite his belief that it is a portfolio well-matched to Department of Defense spending priorities with less single-program concentration risk.
- The analyst believes the stock can begin to work again with detailed guidance behind geopolitical risks rising and greater budget certainty likely in the coming months.
- Related: L3Harris Technologies Stock Slips After Q4 Results, Provides FY22 Outlook
- Susquehanna analyst Charles Minervino reduced the price target to $255 (an upside of 22%) from $264 and maintained a Positive rating on the shares.
- Baird analyst Peter Arment reiterated his Outperform rating and $248 price target on the shares.
- Arment notes the pullback following its Q4 earnings report is a buying opportunity. He specifies the company topped estimates despite organic growth being held back due to supply chain delays in Communication Systems and award timing in IMS.
- The analyst believes L3Harris continues to be a good execution story with favorable capital deployment.
- Price Action: LHX shares are trading lower by 0.29% at $208.68 on the last check Tuesday.
