Morgan Stanley Upgrades L3Harris Technologies to Overweight
Morgan Stanley upgraded L3Harris Technologies (NYSE: LHX) to Overweight from Equalweight on Dec 18, 2025. The bank cited strong operating momentum heading into 2026.
The price target for the defense contractor was increased to $367 USD from $350 USD. Analysts noted the company is well positioned for future warfare due to its platform-agnostic strategy.
L3Harris is projected to lead large defense primes in revenue and earnings per share growth from 2025 through 2028. The company also shows superior free cash flow growth potential.
The stock currently trades at a valuation of 16x on a 2027 free-cash-flow-to-sales basis. This represents the lowest valuation in its peer group compared to a median of 18x.
- Golden Dome program opportunities serve as a potential catalyst for the stock.
- Improving output at Aerojet Rocketdyne supports the positive operating outlook.
Further details on the company are available in the LHX and LHX reports. Financial details are in the LHX and LHX.
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