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HRS

Harris

$139.50

-0.3 (-0.21%)

, LLL

L3 Technologies

$178.82

-0.63 (-0.35%)

09:13
12/10/18
12/10
09:13
12/10/18
09:13

Harris plans to invest over $125M in R&D in Florida

Harris Corporation (HRS) plans to invest more than $125M in internal research and development in Florida this fiscal year - bolstering high-paying jobs and the company's innovation leadership in the state. Florida-based R&D activities primarily will take place at the company's Central Florida locations and focus on areas such as electronic warfare, robotics, avionics and smallsats. The region will receive over a third of the company's overall $300M-plus annual internal R&D budget - representing an industry-leading 5% of company revenue. The total excludes customer-funded R&D. The internal R&D will support the company's nearly 7,000 employment base in Florida, including over 3,300 engineers and scientists, as well as generate new high-paying positions. The company pays an average salary of $95,000 in Florida and has about 375 openings in the state, primarily in engineering. The investment also will help foster Harris' partnership with companies and universities throughout the state. Harris spends more than $200M annually with Florida based suppliers. The company also partners with multiple Florida colleges and universities, including the University of Florida, University of Central Florida, University of South Florida and Florida Institute of Technology. These partnerships provide technological insight for Harris and increase company visibility to help fill key technology positions. Harris is one of the largest public companies headquartered in Florida, and its solutions are used by customers throughout the state in public safety, air traffic management, space and defense. It has 15 locations with 3.5M square feet of office and manufacturing space, including the 464,000-square-foot Harris Technology Center and 23,000-square-foot Global Innovation Center. The company's Florida presence will be bolstered by its recently announced plans to merge with L3 Technologies (LLL). The combined company, L3 Harris Technologies, will be headquartered in Melbourne, Florida, creating opportunities for additional employment and investment growth in the state.

HRS

Harris

$139.50

-0.3 (-0.21%)

LLL

L3 Technologies

$178.82

-0.63 (-0.35%)

HRS Harris
$139.50

-0.3 (-0.21%)

11/13/18
LEHM
11/13/18
UPGRADE
Target $181
LEHM
Overweight
Barclays upgrades Harris to Overweight ahead of L3 merger
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."
11/13/18
LEHM
11/13/18
UPGRADE
Target $181
LEHM
Overweight
Harris upgraded to Overweight from Equal Weight at Barclays
Barclays analyst David Strauss upgraded Harris Corp (HRS). to Overweight while lowering his price target for the shares to $181 from $189. The analyst sees the merger with L3 Technologies (LLL) enhancing the company's growth characteristics.
11/02/18
JPMS
11/02/18
DOWNGRADE
Target $240
JPMS
Neutral
L3 Technologies downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Seth Seifman downgraded L3 Technologies (LLL) to Neutral and lowered his price target for the shares to $240 from $245. The analyst views Harris (HRS) as the better way to gain exposure to the proposed merger. He keeps an Overweight rating on Harris with a $190 price target.
10/15/18
JEFF
10/15/18
NO CHANGE
Target $184
JEFF
Buy
Harris, L3 should trade up 5% on merger deal, says Jefferies
Jefferies analyst Sheila Kahyaoglu believes both Harris (HRS) and L3 Technologies (LLL) should trade up 5% following the announced merger of equals. The analyst bases this on the combined company's $3B of free cash flow generation in 2022and a 6.5% free cash flow yield, discounted back. She has a Buy rating on Harris and Hold rating on L3. Harris in premarket trading is up 5.4% to $163.25 while L3 is up 6.7% to $208.89.
LLL L3 Technologies
$178.82

-0.63 (-0.35%)

10/16/18
RHCO
10/16/18
NO CHANGE
Target $268
RHCO
Buy
L3 Technologies price target raised to $268 from $253 at SunTrust
SunTrust analyst Michael Ciarmoli raised his price target on L3 Technologies (LLL) to $268 and kept his Buy rating after the company's merger announcement with Harris (HRS). The analyst expects the merger to result in a more "cost competitive, highly concentrated, player in the platform agnostic defense electronics market" and also anticipates cost and revenue synergies to be "anchored and back tested" by the latter's 2015 Exelis acquisition.

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NSCO

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APYX

Apyx Medical

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FOE

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CRL

Charles River

$131.58

1.19 (0.91%)

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PCG

PG&E

$6.24

-0.23 (-3.55%)

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KEM

Kemet

$23.03

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NCLH

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FOE

Ferro

$12.58

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KEM

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PAR

Par Technology

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KEM

Kemet

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CSX

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TDW

Tidewater

$17.14

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UNVR

Univar

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NXRT

NexPoint Residential

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DXC

DXC Technology

$29.39

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FLNT

Fluent

$2.54

0.11 (4.53%)

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LYV

Live Nation

$64.47

1.31 (2.07%)

17:38
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DXC

DXC Technology

$29.39

-0.69 (-2.29%)

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FLNT

Fluent

$2.54

0.11 (4.53%)

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