In a report issued on August 27, Peter Skibitski from Alembic Global initiated coverage with a Buy rating on Harris (NYSE: HRS) and a price target of $190. The company’s shares closed yesterday at $164.66, close to its 52-week high of $170.54.
Skibitski said:
“We see HRS as a firm with a steadily improving balance sheet and unburdened by having to force an M&A deal. Instead, the firm can focus on core markets and program capture, driving the potential for upside to our current FY21 FCF/share forecast of $10.05.”
According to TipRanks.com, Skibitski is a 4-star analyst with an average return of 22.7% and a 85.0% success rate. Skibitski covers the Consumer Goods sector, focusing on stocks such as General Dynamics Corp, L3 Technologies Inc, and Huntington Ingalls.
Harris has an analyst consensus of Strong Buy, with a price target consensus of $184.86, implying a 12.3% upside from current levels. In a report issued on August 16, Argus Research also maintained a Buy rating on the stock with a $190 price target.
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Harris’ market cap is currently $19.52B and has a P/E ratio of 27.81. The company has a Price to Book ratio of 6.22.
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Harris Corp. engages in the provision of technology-based solutions for tactical communications, geospatial systems and services, air traffic management, avionics and electronic warfare, and space and intelligence. It operates through the following business segments: Communication Systems, Electronic Systems, Space and Intelligence Systems.
