Bernstein slightly lowered its 2026 EPS estimate to reflect a higher share count while raising its longer-term earnings outlook in anticipation of sustained defense spending growth. On January 30, L3Harris secured a U.S. Navy contract to develop Red Wolf long-range missiles for the Marine Corps’ precision-strike program, targeting moving threats at distances beyond 200 nautical miles. On February 6, Bernstein raised its price target on L3Harris to $405 from $398 and upheld an Outperform rating, citing stronger-than-expected backlog expansion and Q4 earnings that outpaced consensus. L3Harris reported Q4 EPS above consensus estimates and noted a sizable increase in backlog, driven by robust demand across its Space & Airborne Systems and Integrated Mission Systems segments.