L3Harris Technologies price target raised to $400 from $350 at BofA

BofA raised the firm’s price target on L3Harris Technologies (LHX) to $400 from $350 and keeps a Buy rating on the shares after the company announced a partnership with the Department of War aimed at spurring critical solid rocket motor production. L3 will spin off its Missile Solutions business and the DoW will invest $1B in convertible preferred equity in the new business, in which the company will retain a majority stake, the analyst noted. The firm raised its target as it expects the reorganization to unlock value for L3Harris, reflected in its multiple.