Benchmark Raises Price Target Harris Corp. (HRS), Solid Q3 Results and Strong Pipeline
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Price: $189.13 --0%
Rating Summary:
13 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
13 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Benchmark is reiterating its Buy rating on shares of Harris Corp. (NYSE: HRS) and is raising its price target from $56 to $63 following its Q3 results.
The company reported its Q3 results with EPS of 1.16 and revenue of $1.41 billion, which was slightly ahead of the Streets expectations of $1.15 and and $1.5 billion in revenue.
HRS is maintaining its FY11 EPS of $4.80-4.90, but is lowering its FY11 revenue guidance by $100 million to $5.9 billion due to delays from the government operating under a Continuing Resolution. HRS also reiterated its FY12 outlook for non-GAAP EPS of $5.10-$5.20, while lowering its revenue prediction from $6.4-$6.6 billion to $6.3-$6.5 billion.
As a result of the company's slightly changed guidance, the firm is lowering its FY11 sales and EPS estimates to $5.9 billion and $4.90. It is also lowering it FY12 sales estimates to $6.4 billion and maintain our EPS of $5.15.
Benchmark comments that, "We believe the upcoming Army evaluation this summer of JTRS radios vs. Commercial Off-the Shelf solutions will likely shift funding to procurement of JTRS approved COTS radios from Harris. The Army plans to stop R&D funding for the JTRS Ground Mobile Radio, according to a recent article from Inside Defense. The FY11 defense budget includes $967 million for JTRS, while the FY12 budget includes $1.5"
For more ratings news on Harris Corp. click here and for the rating history of Harris Corp. click here.
Shares of Harris Corp. closed at $52.97 yesterday.
The company reported its Q3 results with EPS of 1.16 and revenue of $1.41 billion, which was slightly ahead of the Streets expectations of $1.15 and and $1.5 billion in revenue.
HRS is maintaining its FY11 EPS of $4.80-4.90, but is lowering its FY11 revenue guidance by $100 million to $5.9 billion due to delays from the government operating under a Continuing Resolution. HRS also reiterated its FY12 outlook for non-GAAP EPS of $5.10-$5.20, while lowering its revenue prediction from $6.4-$6.6 billion to $6.3-$6.5 billion.
As a result of the company's slightly changed guidance, the firm is lowering its FY11 sales and EPS estimates to $5.9 billion and $4.90. It is also lowering it FY12 sales estimates to $6.4 billion and maintain our EPS of $5.15.
Benchmark comments that, "We believe the upcoming Army evaluation this summer of JTRS radios vs. Commercial Off-the Shelf solutions will likely shift funding to procurement of JTRS approved COTS radios from Harris. The Army plans to stop R&D funding for the JTRS Ground Mobile Radio, according to a recent article from Inside Defense. The FY11 defense budget includes $967 million for JTRS, while the FY12 budget includes $1.5"
For more ratings news on Harris Corp. click here and for the rating history of Harris Corp. click here.
Shares of Harris Corp. closed at $52.97 yesterday.
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