UPDATE: Raymond James Upgrades Harris Corporation Following Key Radio Contract Win

In a report published Wednesday, Raymond James analyst Chris Quilty upgraded the rating on

from Market Perform to Outperform, and named a $65.00 price target. In the report, Raymond James noted, “We are upgrading Harris to Outperform and establishing a $65.00 price target after the company won the first of four major contracts that comprise the U.S. Army's $5-6 billion tactical radio modernization program. While not necessarily predictive of future contract awards, last night's surprise win proves that Harris can successfully compete against larger, entrenched competitors. The contract win could prove additive to Harris' FY14 earnings as well as the company's valuation multiple.” Harris Corporation closed on Tuesday at $58.02.