L3Harris Technologies initiated with a Hold at Deutsche Bank

Deutsche Bank initiated coverage of L3Harris Technologies with a Hold rating and $192 price target. LHX “offers plenty for both bulls and bears,” contends the analyst. For bulls, it’s “an idiosyncratic self-help story” with potential contract catalysts that can further support close-in estimate upside. For bears, “it’s been an idiosyncratic self-help story since the middle of the last decade,” adds the analyst. While the firm is “generally more sympathetic to the bull case,” the analyst “struggles to fully align with it given that our estimates are actually slightly below the Street on 2024” and doesn’t see a sufficiently large catalyst on the horizon that can drive a sustained re-rating.