Benzinga | Aug 4, 2021 11:18AM EDT

L3harris Technologies Secures $393M Undersea Training Range Contract, Gets Price Target Bump

* L3Harris Technologies Inc (NYSE:LHX) has been awarded a $393 million contract by the U.S. Navy to install increments II and III of the Undersea Warfare Training Range (USWTR).

* The award follows nearly ten years of execution by L3Harris on Increment I and will replace and upgrade the remaining underwater training range sites.

* Under Increments II and III, L3Harris will upgrade and replace the previously installed systems at the U.S. Navy's three other range locations near Hawaii, the Bahamas, and Southern California.

* Susquehanna maintained a Positive rating on L3Harris and raised the price target to $270, implying a 17% upside.

* Price Action: LHX shares traded lower by 0.95% at $228.84 on the last check Wednesday.