Baird upgraded L3Harris Technologies to Outperform from Neutral with a price target of $216, up from $198. The analyst cites the stock’s 17% decline year-to-date, two major acquisitions that have closed in 2023, and defense funding being on a path increase globally that sets up improving fundamentals for L3Harris in 2024 for the upgrade. While the margin compression narrative has been a concern, the company has improving fundamentals for growth, and contract execution plus deleveraging should drive favorable earnings and free cash flow growth, says Baird.
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