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LHX · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is L3Harris Technologies, Inc. (LHX) stock moving?
L3Harris reported Q3 2026 EPS of $3.28 against a $2.94 estimate and sales of $6.060B against $5.919B, then raised full-year GAAP EPS guidance to $12.25-$12.35 from $11.80-$12.00. Shares rose 6.8% on Oct 29, closing at $278.43 on 3.4M shares, about twice the average daily volume in the 30-day window. The stock then gave back part of the gain, falling 6.5% on Nov 4 to $259.74 on 3.2M shares, a drop not explained by the news set. It has since recovered to $275.96 on Nov 10, with the last three sessions on lighter volume, and it is still roughly 1% below the Nov 2 close of $278.96. Analyst sentiment turned firmly positive after the report: RBC, BNP Paribas, J.P. Morgan, B of A and Citi raised or reiterated targets between $295 and $375, and the current price sits below every target cited. Other flow includes a $121M Army production order, a role in Raytheon's Army rocket program, and a $1.0B notes offering closed Nov 5 that adds debt but is aimed at repaying existing borrowings. The main risks are the unexplained early-November selloff, the debt issuance, and the fact that much of the earnings upside is already in the price.
News behind the analysis
- Citigroup Reinstates Buy on L3Harris Technologies, Announces $348 Price TargetCiti reinstated a Buy rating on L3Harris with a $348 price target. The target sits about 26% above the Nov 10 close of $275.96.
- L3Harris Joins Raytheon Team for U.S. Army Rocket ProgramL3Harris is a key industry partner in Raytheon's team for the U.S. Army's Joint Reduced Range Rocket program. The news adds to its defense program exposure.
- L3Harris Technologies Closes $1 Billion Notes OfferingL3Harris closed a $1.0 billion notes offering, split into $500 million of 5.200% notes due 2029 and $500 million of 5.400% notes due 2032. Proceeds are for general corporate purposes, including repaying existing debt.
- B of A Securities Maintains L3Harris Technologies at Buy, Raises Price TargetB of A Securities kept its Buy rating and raised its price target from $325 to $375. This is the highest target among the analyst updates in the news set.
- L3Harris Secures $121 Million in Orders for US ArmyL3Harris was awarded $121 million in production orders to support U.S. Army requirements. The order covers a low-cost data radio solution.
- J.P. Morgan Resumes Coverage of L3Harris TechnologiesJ.P. Morgan resumed coverage with an Overweight rating and a $320 price target. The target is about 16% above the Nov 10 close.
- RBC Capital Maintains Sector Perform on L3Harris Technologies, Raises Price Target to $295RBC kept a Sector Perform rating and raised its price target from $265 to $295. The move followed the Q3 results.
- BNP Paribas Adjusts Price Target on L3Harris Technologies to $300BNP Paribas raised its price target on L3Harris to $300 from $260. The change came after the Q3 report.
- L3Harris Technologies Reports Q3 2026 Earnings and Raises GuidanceQ3 revenue and earnings beat analyst expectations, and the company raised full-year guidance. Shares rose sharply on the report.
About L3Harris Technologies, Inc.
L3Harris Technologies is a US defense contractor based in Melbourne, Florida. It has about 45,000 employees and makes satellites, missile-warning and space systems, tactical radios, electronic warfare equipment, and rocket motors and other missile propulsion. It formed when Harris and L3 merged in 2019, and it later bought Aerojet Rocketdyne. That makes it one of the largest US defense contractors after the traditional prime contractors, with a large backlog of orders, reported at about $53 billion.
How it makes money
Most of its revenue comes from contracts with the US government, especially the Department of Defense, plus sales to allied foreign governments and some civil agencies. Starting in 2026 it reports three business segments: Space & Mission Systems (satellites, payloads, missile warning and special-mission aircraft), Communications & Spectrum Dominance (secure radios and electronic warfare), and Missile Solutions (rocket propulsion, hypersonics and missile technology). Quarterly revenue is roughly $6 billion. The Pentagon has also made a strategic investment of about $1 billion in the Missile Solutions business.
What usually moves LHX
- US defense budget and appropriations
- Missile and munitions demand, including solid rocket motor capacity
- Space and missile-defense programs
- Contract awards, backlog and program execution
- International defense orders