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Elbit Systems secures $300 million defense contract

Elbit Systems Ltd (NASDAQ: ESLT) said this week it had secured a contract worth nearly $300 million to supply defense solutions to an international customer.

The contract will be performed over a 10-year period, Elbit Systems added.

“This contract further validates our position as a global leader in defense technology, delivering advanced solutions that address the requirements of the modern battlefield,” Bezhalel (Butzi) Machlis, President and Chief Executive Officer of Elbit Systems, said in a press release.

Stock Performance

The shares of Elbit Systems Ltd (ESLT) closed 0.44% ($0.92) lower at $210.23 on Nasdaq on Thursday, as they snapped a three-day streak of gains.

The advanced technology company’s total market cap now stands at $9.348 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 retreated 1.42% so far this year.

Analyst stock price forecast and recommendation

According to the Wall Street Journal, at least 2 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 $238.41, which translates into a 13.40% upside compared to the closing price on Thursday.

The high point of the analyst forecast range stands at $261.00.

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