Wells Fargo, Susquehanna Cut L3Harris Price Target Following Q4 Results

Wells Fargo analyst Matthew Akers lowered L3Harris Technologies Inc's LHX price target to $240 (an upside of 15%) from $254 and maintained an Overweight rating on the shares.
Akers notes the stock trades at a discount to its defense peers despite his belief that it is a portfolio well-matched to Department of Defense spending priorities with less single-program concentration risk.
The analyst believes the stock can begin to work again with detailed guidance behind geopolitical risks rising and greater budget certainty likely in the coming months.
Related: L3Harris Technologies Stock Slips After Q4 Results, Provides FY22 Outlook
Susquehanna analyst Charles Minervino reduced the price target to $255 (an upside of 22%) from $264 and maintained a Positive rating on the shares.
Baird analyst Peter Arment reiterated his Outperform rating and $248 price target on the shares.
Arment notes the pullback following its Q4 earnings report is a buying opportunity. He specifies the company topped estimates despite organic growth being held back due to supply chain delays in Communication Systems and award timing in IMS.
The analyst believes L3Harris continues to be a good execution story with favorable capital deployment.
Price Action: LHX shares are trading lower by 0.29% at $208.68 on the last check Tuesday.