Investing.com -- Shares of L3Harris Technologies (NYSE: LHX ) climbed 3.75% as the defense contractor was spotlighted following President Trump’s briefing on the Golden Dome missile defense system. The proposed initiative, aimed at shielding the United States from missile threats, is expected to be a boon for companies involved in its development, with L3Harris mentioned for its satellite capabilities.
In a note to clients, JPMorgan analyst Seth M. Seifman highlighted the potential for L3Harris to benefit from the Golden Dome project. President Trump’s ambitious plan to field the system by the end of his term, with an estimated cost of $175 billion, includes defense against a variety of missile types and drones. The briefing underscored the wide range of contractors that could participate, with L3Harris receiving notable attention, particularly for its missile warning satellite technology.
Seifman pointed out L3Harris’s recent completion of a $125 million expansion at its space manufacturing facility in Fort Wayne, Indiana, which positions the company favorably within the Golden Dome’s infrastructure. L3Harris has already secured contracts for satellite tracking layers and the Missile Defense Agency’s HBTSS effort, suggesting a strong footing in the program’s development. Additionally, the company’s capabilities in rocket motors for interceptors may offer further avenues for involvement.
The analyst also mentioned that while L3Harris was recognized during the briefing, other defense contractors like Northrop (NYSE: NOC ) and Lockheed, as well as Raytheon (NYSE: RTN ), are expected to play meaningful roles. Moreover, the briefing hinted at participation from non-traditional and smaller companies, potentially including contributions from Silicon Valley firms like SpaceX, Palantir (NASDAQ: PLTR ), and Anduril.
"We could see a positive stock reaction to the briefing for LHX, with Indiana Senator Jim Banks highlighting the company’s involvement with Golden Dome," Seifman noted, reflecting the market’s response to L3Harris’s highlighted role in the upcoming defense project. The Department of Defense is set to host an industry event for Golden Dome in Huntsville, Alabama, which has been rescheduled for June 11.