Goldman Sachs Starts Harris Corp. (HRS) at Neutral

Goldman Sachs initiates coverage on Harris Corp. (NYSE: HRS) with a Neutral rating an $51 price target, which suggests 16% upside.

The firm sees risk/reward as relatively balanced.

Goldman highlighted three areas of debate, which are critical drivers for the stock: 1. whether or not HRS is a Defense stock. Goldman says while majority of revenue and EBIT comes from Defense, HRS also has commercial, a COTS model, and low correlation with Defense sector stocks; 2) the future of tactical radio procurement (which pits the war effort headwind and JTRS opportunity against each other), and; 3) valuation (where we see upside) and consensus estimates (where we see downside).

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 $44.15 yesterday.

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