Is Harris Corporation Stock a Hidden Gem of the Defense Industry? 1 Analyst Thinks So
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
A couple weeks ago, I lamented the outrageous valuations of defense companies in this market. Valued on sales, all five of the nation's biggest defense contractors -- the Boeings, Lockheeds, and General Dynamics of the world -- sell for far more than their historical average one times annual sales ratio. But what about the up-and-comers?
Is a new recommendation just out this morning, investment banker Credit Suisse makes the case that government services and defense contractor Harris Corporation (NYSE: HRS) has emerged as a "Tier 1/Tier 2" defense contractor capable of competing with the best in the business -- and cheap enough to buy, to boot.
Source: Fool.com