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L3Harris Technologies the defense stock with the most upside potential - JPMorgan

Published 01/11/2024, 02:30 PM
Updated 01/11/2024, 02:32 PM
© Reuters.  L3Harris Technologies (LHX) the defense stock with the most upside potential - JPMorgan

L3Harris Technologies (NYSE:LHX) was raised to Overweight from Neutral with a $240 per share price target by JPMorgan on Thursday.

Analysts told investors that the bank views the company as the defense product stock with the most upside potential.

"We see a relatively attractive valuation, cash flow that should be inflecting higher, and an increased focus on shareholder value," analysts wrote in a note to clients.

"LHX has faced some execution challenges in recent years, but we think it is better positioned going forward, with a margin rate set to stabilize and free cash flow set to inflect," they added.

Focusing on geopolitics, JPMorgan expects Congress to pass a budget in the next few months. While they believe Ukraine support may be tougher, ultimately, they expect some funding.

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