L3Harris Earnings: Still Putting the Pieces Together; Fair Value Estimate Unchanged

After L3Harris Technologies' release of 2023 results on Jan. 25, we are maintaining our fair value estimate for the narrow-moat defense contractor at $230 per share. There is still some noise in the system as the firm sorts through acquired businesses, writes down impairments, and endeavors to restructure some of its business units to be more efficient. Yet, we see a credible path to continued single-digit revenue growth and double-digit adjusted operating margins in each of the four principal operating segments.