Friday, January 28, 2011

Harris (NYSE:HRS) Outlook for 2012 Looks Good

Harris Corp.'s (NYSE:HRS) RF Comm. business will suffer over the long term, after MRAPrelated sales ended, but should be sustainable at current levels on public safety and international business.

Needham says, "While concerns regarding the longer term growth prospects for the RF Comm. business are likely to linger in light of cessation of MRAPrelated sales, potential competition from JTRS programs of record, and broader concerns around declining DoD spending, we think international strength as well as growth of the public safety business should sustain the RF Comm. business at or near current levels over the medium term with overall growth driven by HRS’ increasing services businesses."

Needham & Company maintains a 'Buy' on Harris Corp. (HRS), which closed Thursday at $48.19, down $0.59, or 1.21 percent. Needham has a price target of $53 on Harris.

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