L3Harris Technologies price target raised by $42 at Citi, here’s why

Citi analyst Jason Gursky raised the firm’s price target on L3Harris Technologies to $238 from $196 and keeps a Buy rating on the shares following the investor day. The firm rolled estimates forward and increased the stock’s target multiple to a level closer to peers. Recent activist activity likely sharpens management’s focus on portfolio shaping and operational performance, and it likely leads to more shareholder friendly cash deployment, the analyst tells investors in a research note. The firm says L3Harris’ “path to looking more like other defense primes is being paved.”