L3Harris Technologies, Inc. (NYSE:LHX) is among the 7 Best Defense Dividend Stocks to Buy. On December 19, the company announced that it had secured an $843 million contract from the Space Development Agency (SDA) for layer satellite tracking.
The award will include the development of 18 infrared satellites for the Tranche 3 (T3) tracking layer and will have operational, sustainment and ground assistance functions. This is in addition to previous orders for 34 satellites in development for T1 and T2.
The satellites will be part of the SDA’s Proliferated Warfare Space Architecture (PWSA) constellation to defend the United States from hypersonic and ballistic missiles.
Christopher Kubasik, President and CEO of L3Harris Technologies, Inc. (NYSE:LHX), stated the following regarding the contract award:
“L3Harris is proud to support SDA in its mission to deliver a next-generation layered defense architecture that can track threats in real-time. Defeating the hypersonic missile threat starts in space, and our Tranche 3 satellites will advance our proven in-orbit tracking and guidance capability needed to protect our homeland.”
In other news, Morgan Stanley on December 16 upgraded L3Harris Technologies, Inc. (NYSE:LHX) to Overweight from Equal Weight and raised its price target on the stock to $367 from $350. The firm noted the opportunities of the Golden Dome project among the possible catalysts for the company in 2026.
At the close of trading on December 22, Wall Street analysts had a Moderate Buy rating on the stock, with a one-year average price target per share of $334.00, representing an upside of 13%.
L3Harris Technologies, Inc. (NYSE:LHX) provides end-to-end technology solutions that connect air, land, space, maritime and cyber domains in national security.
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