L3Harris Technologies (NYSE:LHX) Stock Rated Buy in New Coverage at Citigroup

Key Points

• Citigroup initiated coverage of L3Harris with a Buy rating and a $348 price target, implying 33.72% upside from the prior close.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus and an average price target of $340.93, though some firms have issued Hold ratings or lowered targets.
• L3Harris beat quarterly estimates, reporting $3.28 in earnings per share versus $2.95 expected and $6.07 billion in revenue; revenue increased 7.1% year over year.

Equities research analysts at Citigroup began coverage on shares of L3Harris Technologies (NYSE:LHX - Get Free Report) in a research note issued on Monday, Benzinga reports. The firm set a "buy" rating and a $348.00 price target on the stock. Citigroup's target price suggests a potential upside of 33.72% from the stock's previous close.

LHX has been the subject of a number of other reports. Susquehanna decreased their price target on L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a report on Friday, July 31st. Royal Bank Of Canada boosted their price objective on L3Harris Technologies from $265.00 to $295.00 and gave the company a "sector perform" rating in a research note on Friday, October 30th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, November 1st. Sanford C. Bernstein cut their target price on L3Harris Technologies from $346.00 to $318.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 14th. Finally, Jefferies Financial Group cut L3Harris Technologies from a "buy" rating to a "hold" rating and set a $315.00 target price for the company. in a research note on Wednesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $340.93.

L3Harris Technologies Trading Up 0.1%

NYSE:LHX opened at $260.24 on Monday. L3Harris Technologies has a 52 week low of $232.34 and a 52 week high of $379.23. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.20. The firm's fifty day moving average is $250.16 and its 200-day moving average is $303.18. The firm has a market cap of $48.46 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.59 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, October 29th. The company reported $3.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.95 by $0.33. The business had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.92 billion. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. L3Harris Technologies's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.70 earnings per share. Equities analysts expect that L3Harris Technologies will post 12.10 earnings per share for the current year.

Hedge Funds Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in LHX. NBH Bank bought a new position in shares of L3Harris Technologies during the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC lifted its stake in L3Harris Technologies by 80.0% in the second quarter. Elevation Wealth Partners LLC now owns 99 shares of the company's stock worth $29,000 after purchasing an additional 44 shares during the last quarter. Financial Freedom LLC bought a new stake in L3Harris Technologies in the third quarter worth $25,000. Bell Investment Advisors Inc purchased a new stake in L3Harris Technologies during the second quarter valued at about $33,000. Finally, John Boyer Inc. purchased a new stake in L3Harris Technologies during the third quarter valued at about $31,000. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Company Profile

L3Harris Technologies is a defense and aerospace company that develops technology and systems for government and commercial customers. Its offerings include tactical communications, intelligence and surveillance systems, sensors, electronic warfare capabilities, space systems, and aviation technologies.

The company also provides propulsion and related systems for defense and space applications through Aerojet Rocketdyne, which it acquired in 2023. Its products and services support missions including military communications, situational awareness, space operations, and national security.

L3Harris was formed in 2019 through the merger of L3 Technologies and Harris Corporation.

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