Shares of Harris Corp. slipped Monday morning after media reports said the communications and information technology company may sell itself.
The stock fell 23 cents to $56.70 after the opening bell.
The Wall Street Journal said Friday evening that Melbourne, Fla.-based Harris is mulling a potential sale.
Stephens analyst Stephen Ferranti said a potential buyout price could be in the $80 to $85 range, higher than his $74 price target. Raytheon Co., General Dynamics Corp. and Northrop Gruman Corp. could all be considered potential bidders, and have the resources to buy Harris, he said.
Needham & Co. analyst Richard Valera kept a "Buy" rating and $66 price target, implying he expects the stock to rise about 16 percent over Friday's $56.93 close.
"Whether or not the company decides to try and sell itself or such a transaction occurs, we think the shares could approach the mid-$60s over the next 12 months, leaving ample upside from current levels, albeit with potentially more volatility given the buyout speculation," Valera said in a note to clients.
Shares rose 5 percent Friday, and are up nearly 10 percent so far this year.
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