Barclays analyst David Strauss upgraded Harris Corp (HRS). to Overweight while lowering his price target for the shares to $181 from $189. The analyst forecasts "outsized growth" for Harris, even prior to its pending merger with L3 Technologies (LLL). He believes his thesis on standalone Harris, which reflects "strong" revenue growth combined with "commercial-like" operating leverage and "significant" capital deployment post deleveraging and pension, can only be enhanced with the operational improvement opportunity that the merger brings. Strauss estimates the combined company will generate $2B in free cash flow by deal close, leaving it "only" 1.5 times net levered, "immediately allowing for aggressive share repurchase."