L3Harris Technologies initiated with a Neutral at Citi

Citi analyst Jason Gursky initiated coverage of L3Harris Technologies with a Neutral rating and $250 price target. The analyst views L3Harris as a "well-diversified competitor" but is concerned nearer-term about its growth and margin rates relative to investor expectations. He would become more positive on shares should the company sign a delayed international award, work through its supply chain constraints more quickly than expected, and / or manage its cost structure in way that allows for current margin rates to either hold or expand.