Benchmark Downgrades Harris Corp. (HRS) to Hold; Cautious on FY12 Due to Budget Uncertainty and Int'l Delays
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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 downgraded Harris Corp. (NYSE: HRS) from Buy to Hold with a price target of $38.00.
Benchmark analyst says, "Our downgrade is based on potential downside to numbers in FY12 from international RF sales and U.S. government budget delays. Although we believe Harris remains well-positioned in the current budget environment with its commercially developed, cost-effective, and battlefield proven communications network technology, we think near-term catalysts for the stock are limited due to budget uncertainty from the Super Committee and Continuing Resolution."
"We expect Harris to report an in-line or potentially weaker than expected quarter. Q1 consensus sales and EPS estimates are $1.46 billion and $1.05 vs. our estimates of $1.38 billion and $1.04. We believe the company has potential downside to its FY12 guidance of $6.15-$6.30 billion in sales and $5.10-$5.30 in EPS due to soft bookings and continued delays."
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 $35.99 yesterday.
Benchmark analyst says, "Our downgrade is based on potential downside to numbers in FY12 from international RF sales and U.S. government budget delays. Although we believe Harris remains well-positioned in the current budget environment with its commercially developed, cost-effective, and battlefield proven communications network technology, we think near-term catalysts for the stock are limited due to budget uncertainty from the Super Committee and Continuing Resolution."
"We expect Harris to report an in-line or potentially weaker than expected quarter. Q1 consensus sales and EPS estimates are $1.46 billion and $1.05 vs. our estimates of $1.38 billion and $1.04. We believe the company has potential downside to its FY12 guidance of $6.15-$6.30 billion in sales and $5.10-$5.30 in EPS due to soft bookings and continued delays."
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 $35.99 yesterday.
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