upside real but valuation stretched after 65% rally
I see LHX as exposed to both upside from replenishment and space/communications spending but also valuation risk after a >65% rally, so L3Harris is a mixed case given heavy exposure to avionics, sensors and replenishment contracts.
L3Harris benefits from avionics, sensors, and replenishment spending under the defense request, but a greater-than-65% rally introduces meaningful valuation risk that offsets the contract pipeline upside.