Citi is eyeing a key defense technology stock as NATO countries increase defense spending and acquisitions add long-term value.
Citi says L3Harris Technologies ' short-term growth headwinds are outweighed by expanding defense budgets. The bank resumed coverage of the defense technology stock on Monday with a buy rating and a $193 per share price target. Citi's forecast implies roughly 15% upside from Friday's $167.94 close. L3Harris stock has slumped nearly 19% since the start of the year, after falling in three of the five years from 2018 through 2022. LHX YTD mountain L3Harris Technologies stock.
"Execution is key at this point given elevated leverage after a recent string of acquisitions," Gursky said. "As such, earnings reports are likely to act as catalysts for the stock, with the third quarter of this year particularly important given the significant improvement in margins imbedded in second half guidance. Gursky also signaled confidence that L3 can deliver on higher forecast earnings and revenue as both the U.S.
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