L3Harris downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded L3Harris Technologies (LHX) to Market Perform from Outperform without a price target While 2023 and the first 11 months of 2024 were the best periods for the government service sector in more than 20 years, a new administration, a “provocative group” of political appointee nominations, and President-elect Trump’s Department of Government Efficiency’s “have significantly dented investor psyche,” the trading multiples, and halted stock momentum over the last 45 days, the analyst tells investors in a research note. The firm believes the “dislocation in equities has created opportunities” across its government IT coverage. It made five rating changes heading into 2025. Raymond James sees a balanced risk/reward for L3Harris with the company’s “self-help levers” largely priced into the current valuation.