As previously reported, BofA upgraded L3Harris Technologies (LHX) to Buy from Neutral with a price target of $300, up from $240. The firm had previously been more conservative in giving credit to the prospect of growth through cutting back, but since the company announced the transformation initiative “LHX next” at their 2023 Investor Day, BofA says it has viewed the results favorably. Now, it sees the “leaner, focused, and evolved” L3Harris as better equipped to deliver on commitments and results to the upside, the analyst tells investors. Key to L3Harris’ next phase of transforming the company is their newly minted partnership with Palantir (PLTR), adds the analyst, who sees the partnership as “a forward thinking and sound strategic move.”
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