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Excerpt from Raymond James strategist Jeffrey Saut's latest essay:

... last week another one of our investment recommendations tagged new reaction highs when homeland security company L-1 Identity Solutions (NYSE:ID) reported earnings.

We continue to like the homeland security theme, and ID Solutions in particular, despite its lofty valuations. As stated by our analyst, “We reiterate our Strong Buy rating and are bumping our price target to $24. Un-modeled contract wins, several large upcoming opportunities, and high confidence in our forecasts support our view that L-1 is a must-own name in the security space. Despite advancing ~53% since our October 4, 2006 upgrade, we see this as the early innings of a multi-year growth story.”

Outperform rated FLIR Systems (NASDAQ:FLIR) is another name we have favored for the past two years...

Source: Jeffrey Saut: Two Homeland Security Stock Picks