Market Overview

Benchmark Reiterates Hold, $38 Target on Harris Corporation


Benchmark remains Hold-rated with a $38 price target on Harris Corporation (NYSE: HRS) following a weaker-than-expected quarter for the company.

Benchmark says, "Q2FY12 sales and Non-GAAP EPS were $1.45 billion and $1.22 vs. consensus estimates of $1.5 billion and $1.19. Total revenue was up less than 1% from last year (down 3% organic). RF Communications revenue was $526 million, down 3% y/y due to lower US DOD revenue, but it was offset by growth in international and Public Safety growth. Integrated Network Solutions (INS) was $526 million, up 6% y/y (down 4% on organic) and Government Communications Systems (GCS) was flat at $422 million."

HRS closed at $36.99 a share on Tuesday.


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Posted-In: BenchmarkAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

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