Truist Raises L3Harris Technologies’ (LHX) Price Target to $353, Maintains Buy Rating

L3Harris Technologies Inc. (NYSE:LHX) is one of the best defense stocks in Goldman Sachs’ portfolio. On October 15, Truist Securities raised its price target on L3Harris Technologies (NYSE:LHX) to $353 from $302, while maintaining a Buy rating ahead of the sector’s third-quarter earnings season. The firm notes that the demand environment and broader sentiment for the aircraft OEM production are improving.

With that, Truist highlighted its preference for suppliers that have higher exposure to the Boeing 737 MAX program. Having said that, the firm believes the shutdown is weighing on the outlook for Q4 and FY26, as reported by TheFly.

Truist Raises L3Harris Technologies' (LHX) Price Target to $353, Maintains Buy Rating

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Separately, on September 29, L3Harris Technologies Inc. (NYSE:LHX) secured a U.S. defense contract valued at up to $939.6 million, which covers projects for both the US Navy and Air Force. This contract win supports the company’s position as an important supplier of advanced military communications systems.

The contract is an indefinite-delivery/indefinite-quantity (IDIQ) contract, awarded by the Naval Information Warfare Systems Command. It covers the development, production, sustainment, and systems engineering of the Multifunctional Information Distribution System Weapon Data Link Small-Form-Factor (SFF) Radio Family 2.

Under this program, the procurement process will be streamlined by combining purchases across both services. It starts with $42.1 million in initial funding, which will be divided between Navy weapons procurement ($22.3 million) and Air Force missile procurement ($19.9 million).

According to the official notice, work on the project will be evenly divided between two facilities, with completion expected in September 2030. Moreover, the official notice notes that the program was competitively awarded as the best of the two proposals received.

L3Harris Technologies Inc. (NYSE:LHX) is a global aerospace and defense technology company. It specializes in communication systems, electronic warfare, and integrated mission solutions for air, land, sea, and space operations.

While we acknowledge the potential of LHX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LHX and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.