This defense stock trades at a discount compared to peers, according to Wells Fargo
Investors could benefit from the discount in L3Harris Technologies shares relative to its defense technology peers, according to Wells Fargo. The bank upgraded the defense technology stock to overweight from equal weight in a Monday note, accompanied by a $209 price target, up from $204. Wells Fargo's forecast implies 21% upside from Friday's $172.72 close. L3Harris Technologies stock has slipped more than 17% from the start of the year. LHX YTD mountain L3Harris Technologies stock.
"Prior shutdowns have been short and had little if any impact on defense company profits. Historically, the first few days of a shutdown were great times to buy defense, with the stocks outperforming the market by ~400 bps in the following month on average," he wrote.
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