L3Harris Technologies reinstated with a Buy at Citi

Citi reinstated coverage of L3Harris Technologies with a Buy rating and $193 price target. The stock’s valuation is “compelling” when set against the company’s growing sales and potential for both margin expansion and de-levering in the years ahead, the analyst tells investors in a research note. While L3Harris has become more complex given recent acquisitions and execution risk is likely elevated in the near-term, its organic revenue growth will be supported by growing global defense budgets, says Citi.