Citi Reiterates 'Buy' Rating on Honeywell (HON), Remains 'Top Pick for 2008'
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Citi reiterates a 'Buy' rating on Honeywell (NYSE: HON), says stock remains 'Top Pick for 2008'. Price target $70.
Citi analyst says, "HON is demonstrating excellent operating performance and has a strong balance of revenue, margin and cash deployment opportunities that give us high confidence in the earnings outlook. Fundamentals in all of HON major business units remain positive. Large Aerospace backlogs point to strong production volumes of new commercial aircraft and helicopters at least into 2009 and possibly beyond, even in a softer economy. Strong capital spending trends on oil, gas and refining should support growth at ACS and UOP for the foreseeable future...Strong execution in 2008 could lead to higher valuation. At a minimum, strong relative EPS growth should drive stock outperformance."
Honeywell International Inc. (Honeywell) is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, and process technology for refining and petrochemicals. [SM]
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