Bernstein upgraded L3Harris Technologies (LHX) to Outperform from Market Perform with a price target of $267, down from $289. The firm cites valuation for the upgrade following the stock’s post-election pullback, which it notes hit defense stocks across the board. President Trump will still support “strong capabilities, as he did in his first term, even though there remains uncertainty on budget limits,” the analyst tells investors in a research note. Bernstein says budget limits kept it from a positive view on defense stocks in 2024, but that “this changes with lower valuations.” It views L3Harris as less expensive on valuation than peers and points out it has has less F-35 exposure.
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