Market a Bit Too Enthusiastic Over L-3 and Harris Merger
L-3 Technologies and Harris Corporation have announced plans to merge and after modeling the merger, we're raising our L-3 fair value to $207 up from $204 per share. Our model values the newly formed company, L-3 Harris Technologies, by assuming it begins operations by mid-2019. As outlined in our Oct. 15 note, we think the deal makes strategic sense thanks to limited product portfolio overlap but highly complementary cultural, end-market, and core technology between the two companies. But our v...L3 Technologies is a defense technology company. The company's segments include: Intelligence, Surveillance and Reconnaissance systems, which provides engineering, modernization and sustainment solutions for military and various government aircraft, ground support equipment and other platforms; Communications and Networked Systems, which provides network and communication systems, communications products, radio frequency components, satellite communication terminals and space, microwave and telemetry products; and Electronic Systems, which provides a range of products and services, including components, products, subsystems, systems and related services to military and commercial customers.
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