RBC Capital raised the firm’s price target on L3Harris Technologies (LHX) to $360 from $315 and keeps a Sector Perform rating on the shares. The company announced that it is spinning out its missile business, Missile Solutions, which will initially be funded by a $1B investment from the Department of War, the analyst tells investors in a research note. The surprise announcement reflects L3Harris’s further alignment with the DoW’s Arsenal of Freedom, but the strategic logic for the transaction is yet to be fully flushed out, the firm added.
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