Fly News Breaks for April 4, 2018
HRS
Apr 4, 2018 | 08:14 EDT
Argus analyst Mike Jaffe initiated Harris Corp with a Buy rating and a price target of $196, saying the company stands to benefit from a "substantial increase in military spending" outlined in the 2018 federal budget agreement and is positioned for solid earnings growth. In the near term, Jaffe expects the strongest area for Harris Corp to come from the U.S. Department of Defense demand for tactical communication services. The analyst is also positive on the company's attractive valuation at Price/Earnings to Growth ratio of 1.3-times vs. the peer average of 2.1-times and believes its 16% expected earnings growth rate justifies a higher multiple.
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