Analyst Note
| Burkett Huey, CFA |Narrow-moat-rated L3Harris Technologies reported a solid finish to fiscal 2020. Adjusted EPS grew 10.2% to $3.14 per share in the fourth quarter, beating FactSet consensus estimates by about 1.5%. We are lowering our fair value estimate by 2.5% to $198 per share to reflect higher than previously anticipated overhead expenses over the medium term.