** BofA lifts price target on U.S. defense contractor L3Harris to $240 from $215
** Brokerage sees co's progress on $1 bln cost savings plan through job cuts, organizational streamlining and elimination of internal redundancies as positive; says efforts will likely continue
** "To date, LHX has achieved $400 mln in run-rate savings from cost take-out and optimization" - BofA
** New PT represents an 11% upside to the stock's last close
** Shares rise 1.4% to $218.92, stock had risen ~4% YTD
(Reporting by Aatreyee Dasgupta)
((Aatreyee.Dasgupta@thomsonreuters.com))
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