Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Wells Fargo, Susquehanna Cut L3Harris Price Target Following Q4 Results

  • Wells Fargo analyst Matthew Akers lowered L3Harris Technologies Inc's (NYSE:LHXprice 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.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.