According to a report published by SpaceNews, aerospace and defense company L3Harris Technologies (LHX) has been awarded a $120.7 million contract by the U.S. Space Force to upgrade a communications jammer that is used to block satellite transmissions of adversaries.
The Florida-based company offers advanced defense and commercial technologies across air, land, sea, space and cyber domains.
The contract is for upgrading the Counter Communications System Block 10.2 that operates at Cape Canaveral Space Force Station, Florida; Vandenberg Space Force Base, California; Peterson Space Force Base, Colorado; and international classified deployed locations. L3Harris also has the contract for version 10.1 of the communications system.
As per the terms of the contract, the company will upgrade 16 units by 2025. Its shares closed 1.2% up at $244.73 on Friday. (See Insiders’ Hot Stocks on TipRanks)
On October 7, Jefferies (JEF) analyst Sheila Kahyaoglu maintained a Buy rating on the stock with a price target of $260 (6.2% upside potential).
The analyst expects the company to report earnings of $2.03 per share in the fourth quarter of 2021.
Overall, the stock has a Moderate Buy consensus rating based on 9 Buys, 4 Holds and 1 Sell. The average L3Harris Technologies price target of $252.38 implies 3.1% upside potential. Shares have gained 44.1% over the past year.
According to TipRanks’ Smart Score rating system, L3Harris scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.
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