Sterne Agee Maintains Neutral on Harris Group

Sterne Agee reiterates its Neutral rating on Harris Corp

as the company continues shaping its portfolio. Sterne Agee notes, "We would anticipate HRS to continue to pursue portfolio shaping activities given the difficult defense spending environment. Further, Brown's (new C.E.O.)background in corporate development would suggest additional pruning is supported by the board. The Broadcast Communications business segment's laggard performance dictates that it could be the next shoe to drop in HRS' reshaping activities." HRS closed at $43.03 a share on Friday.