Elbit Systems Ltd (NASDAQ: ESLT) said on Monday that it had been awarded a contract worth about $600 million to supply systems to Hanwha Defense Australia for the Australian Land 400 Phase 3 Project.
The above mentioned project is to deliver advanced protection, fighting capabilities and sensors suite to the Redback Infantry Fighting Vehicles for the Australian Army.
The contract will be performed over a 5-year period, Elbit Systems added.
“This milestone reaffirms our commitment to delivering advanced, mission-critical solutions to the Australian Army. Elbit Systems is dedicated to supplying cutting-edge defense technologies that will safeguard troops on the modern battlefield,” Bezhalel Machlis, President and Chief Executive Officer of Elbit Systems Ltd, said in a press release.
Stock Performance
The shares of Elbit Systems Ltd (ESLT) closed 0.58% ($1.22) higher at $211.39 on Nasdaq on Friday, as they extended the gains from the previous two market sessions.
The advanced technology company’s total market cap now stands at $9.397 billion.
The shares of Elbit Systems Ltd (ESLT) went up 29.99% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have edged down 0.87% so far this year.
Analyst stock price forecast and recommendation
According to the Wall Street Journal, at least 3 surveyed investment analysts had rated Elbit Systems Ltd’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $227.12, which translates into a 7.44% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $240.00.
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