Goldman Sachs Initiates Coverage of Harris Corporation
Goldman Sachs initiated its coverage of Harris Corporation (NYSE: HRS) with a Neutral rating and a price target of $51.
In a research report published today, Goldman states, "We initiate coverage of Harris (HRS) with a Neutral rating and 16% upside to our $51 price target. We highlight three key areas of debate... and believe each has relatively balanced risk/reward: (1) whether or not HRS is a Defense stock (the majority of revenue and EBIT comes from Defense, but HRS also has commercial, a COTS model, and low correlation with Defense sector stocks), (2) the future of tactical radio procurement (which pits the war effort headwind and JTRS opportunity against each other), and (3) valuation (where we see upside) and consensus estimates (where we see downside)."
On Thursday, Harris lost 0.9% to end the day at $44.15.
