Harris Corp. (HRS) PT Raised to $194 at Cowen on LLL Combo

October 17, 2018 6:51 AM EDT
Get Alerts HRS Hot Sheet
Price: $189.13 --0%

Rating Summary:
    14 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 8 | New: 46
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Cowen analyst Gautam Khanna raised the price target on Harris Corp. (NYSE: HRS) to $194.00 (from $180.00) while maintaining an Outperform rating amid the merger with LLL.

"Importantly, the combo diversifies HRS away from its prior profit reliance on military radios (from 39E% of profits to 20E% on a pro forma basis), a plus to HRS's through-the-cycle valuation multiple. (Radios are short cycle, somewhat discretionary, and mostly non-U.S. These factors swing HRS's relative multiple more than that of other defense firms)," the analyst commented.

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