Core Viewpoint - Morgan Stanley upgraded L3Harris Technologies to Overweight from Equalweight, raising the price target to $367 from $350 due to strong operating momentum heading into 2026 [1] Group 1: Company Positioning - L3Harris is well positioned for the future of warfare with limited disruption risk from emerging defense technology players, attributed to its platform-agnostic strategy [1] - The absence of major program disruptions at L3Harris contrasts with some peers who have faced challenges in recent quarters [1] Group 2: Financial Metrics - L3Harris is considered the most attractive among large defense primes based on projected revenue, earnings per share, and free cash flow per share growth from 2025 through 2028 [2] - Despite a positive outlook, L3Harris stock is trading at the lowest valuation in its peer group on a 2027 free-cash-flow-to-sales basis, at approximately 16x compared to a peer median of around 18x [2] Group 3: Potential Catalysts - Potential catalysts for L3Harris into 2026 include opportunities related to the Golden Dome program and improving output at Aerojet Rocketdyne [2]