#3 - L3Harris Technologies (NYSE:LHX)
The last of the large cap stocks on this list of space stocks to buy is L3Harris Technologies Inc. (NYSE: LHX). L3Harris has a $40.3 billion market cap and is expected to post 11% earnings growth in the next 12 months.
One of the key factors driving that growth is the company's acquisition of Aerojet Rocketdyne in July 2023. This puts L3Harris on the list of contractors for the NASA Artemis missions.
The space sector accounted for $7 billion of revenue in 2023. That was 18% of the company's full-year revenue. But it included less than two full quarters with the acquisition of Aerojet Rocketdyne. That means this sector will likely increase in revenue, which will be bullish for the earnings and stock price.
L3Harris also continues the undervalued theme among the large-cap space stocks. It trades for just 16x forward earnings. But if the company makes good on the double-digit rise in earnings, analysts will raise their prices. And while they wait, investors get a growing dividend with a 2.13% yield that has been increasing for 23 consecutive years.
About L3Harris Technologies
L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.
Read More - Current Price
- $213.55
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 11 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $269.13 (26.0% Upside)
