L3Harris (LHX.US) upgraded to 'buy' at BofA after hitching onto Palantir (PLTR.US)

Market IntelFriday, Nov 1, 2024 3:10 am ET

1min read

Analysts at Bank of America raised their rating on L3Harris Technologies (LHX.US) from "neutral" to "buy" and raised their price target from $240 to $300. The analysts said the aerospace and defense contractor is poised to benefit from its collaboration with defense technology company Palantir (PLTR.US).

The companies announced a strategic partnership on October 23 to drive and accelerate L3Harris' digital transformation. The collaboration involves various ongoing initiatives, including the U.S. Army program, the use of Palantir's artificial intelligence platform on L3Harris systems, and the development of sensors, radios and other advanced technologies.

Bank of America said: "The massive capability gap between traditional defense companies and new defense technology companies seems to be widening. We view this partnership as a forward-looking, reasonable strategic move."

As of Thursday's close, L3Harris Technologies rose 0.84% to $247.47. The stock has gained 19% this year.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.