Citigroup Initiates Coverage on L3Harris Technologies (NYSE:LHX)

Analysts at Citigroup began coverage on shares of L3Harris Technologies (NYSE:LHX) in a research note issued to investors on Monday, Benzinga reports. The brokerage set a “buy” rating and a $348.00 price target on the stock. Citigroup‘s price objective suggests a potential upside of 33.72% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. UBS Group raised their price target on shares of L3Harris Technologies from $264.00 to $293.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of L3Harris Technologies in a research note on Tuesday, August 18th. Susquehanna dropped their target price on shares of L3Harris Technologies from $410.00 to $350.00 and set a “positive” rating for the company in a report on Friday, July 31st. Jefferies Financial Group lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 target price for the company. in a report on Wednesday, August 26th. Finally, The Goldman Sachs Group cut their target price on L3Harris Technologies from $405.00 to $361.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $340.93.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $260.24 on Monday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.20. L3Harris Technologies has a fifty-two week low of $232.34 and a fifty-two week high of $379.23. The firm has a market cap of $48.46 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.59 and a beta of 0.47. The business has a 50 day moving average price of $250.16 and a 200-day moving average price of $303.18.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, topping the consensus estimate of $2.95 by $0.33. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same period in the previous year, the firm earned $2.70 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts predict that L3Harris Technologies will post 12.10 earnings per share for the current year.

Institutional Trading of L3Harris Technologies

Several large investors have recently added to or reduced their stakes in LHX. Financial Freedom LLC bought a new stake in shares of L3Harris Technologies during the 3rd quarter valued at about $25,000. NBH Bank bought a new position in L3Harris Technologies in the second quarter worth about $26,000. Elevation Wealth Partners LLC raised 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 buying an additional 44 shares in the last quarter. John Boyer Inc. bought a new position in L3Harris Technologies in the third quarter worth about $31,000. Finally, Bell Investment Advisors Inc purchased a new stake in L3Harris Technologies in the second quarter worth about $33,000. Institutional investors own 84.76% of the company’s stock.

About L3Harris Technologies

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.