BofA upgrades L3Harris to Buy, highlights growth potential with Palantir partnership

BofA Securities has upgraded L3Harris Technologies, Inc. from Neutral to Buy, raising the price target from $240 to $300. The upgrade follows positive results from L3Harris' transformation initiative, “LHX Next,” indicating improved performance and commitment fulfillment. The missile and munitions industry shows strong demand, with L3Harris positioned to benefit due to its solid rocket motor production capabilities. Recent contract wins, including the Next-Gen Interceptor, highlight the company's reliability. L3Harris also announced a partnership with Palantir Technologies to integrate AI with its systems, aiming to enhance efficiency and decision-making. The company has exceeded its savings targets, now projecting $600 million by year-end, boosting confidence in future growth.