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

Core Insights - L3Harris Technologies Inc. is recognized as one of the top defense stocks in Goldman Sachs' portfolio, with a recent price target increase from Truist Securities to $353 from $302, maintaining a Buy rating due to improving demand and sentiment in the aircraft OEM production sector [1][3] Company Developments - L3Harris secured a U.S. defense contract valued at up to $939.6 million, which involves projects for both the U.S. Navy and Air Force, reinforcing its role as a key supplier of advanced military communications systems [3][4] - The contract is an indefinite-delivery/indefinite-quantity (IDIQ) contract awarded by the Naval Information Warfare Systems Command, focusing on the development and production of the Multifunctional Information Distribution System Weapon Data Link Small-Form-Factor Radio Family 2 [4][6] - Initial funding for the project is set at $42.1 million, allocated between Navy weapons procurement ($22.3 million) and Air Force missile procurement ($19.9 million), with work expected to be completed by September 2030 [5][6] Market Outlook - Truist highlighted a preference for suppliers with higher exposure to the Boeing 737 MAX program, although the ongoing shutdown is expected to impact the outlook for Q4 and FY26 [2]