L3Harris Technologies (LHX – Research Report), the Industrials sector company, was revisited by a Wall Street analyst yesterday. Analyst Matthew Akers from Wells Fargo remains neutral on the stock and has a $250.00 price target.
Matthew Akers’ Buy rating for L3Harris Technologies is attributed to a combination of factors, including the company’s strong fourth-quarter performance and its reaffirmation of the 2024 outlook that aligns with investor day targets. Notably, the company’s adjusted earnings per share (EPS) for the fourth quarter came in above Wells Fargo’s model and consensus estimates, demonstrating a robust operational standing. In addition, L3Harris Technologies exhibited significant top-line growth with organic increases and reported a substantial backlog, suggesting a healthy demand for its offerings.
The reaffirmed guidance for 2024, which includes an EPS projection within a strong range and revenue forecasts that, while slightly lower than Wells Fargo’s model and consensus, still display confidence in the company’s financial trajectory. Furthermore, the forecasted segment margins and free cash flow (FCF) outlook indicate a solid financial position, albeit slightly below Wells Fargo’s expectations. These elements, combined with the company’s performance in segment profit and adjusted free cash flow, which surpassed estimates, underpin Akers’ optimistic perspective on the stock’s potential, justifying the Buy rating.
In another report released on January 15, J.P. Morgan also upgraded the stock to a Buy with a $240.00 price target.
LHX’s price has also changed slightly for the past six months – from $201.550 to $204.640, which is a 1.53% increase.
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L3Harris Technologies (LHX) Company Description:
L3Harris Technologies, Inc. is a technology-oriented aerospace and defense company that provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. The company was formed following the merger of Harris Corporation and L3 Technologies in June 2019.
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