Oppenheimer Cuts Price Target on Honeywell (HON) to $122 Ahead of 3Q Release
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Oppenheimer maintained an Outperform rating on Honeywell International (NYSE: HON), and cut the price target to $122.00 (from $128.00), ahead of the company's 3Q earnings release. HON is expected to release results on 10/21/2016.
Analyst Christopher Glynn commented, "HON lowered 3Q organic to -3%, vs. prior +0-1%, ~$300M miss ($9.8B guide vs. prior $10.0-10.2B). New 3Q preliminary EPS of $1.60 compares to prior guidance for $1.67-1.72. Guidance includes $75M additional Aero OEM milestone payments in 3Q (top-line reduction that falls through; now $250M incremental for year vs. prior ~ $200M vs. 2015), representing about $0.07 EPS offset to $0.21 of expected 3Q gains (including $0.14 gain on sale, $0.07 tax gain related to change to pending rules on stock compensation accounting). Incremental restructuring deployment accounts for the balance of $0.18 reinvestment of benefits, netting to $0.03 net benefit—this is how we reconcile $0.10 3Q lower EPS expectation ($0.13 operational shortfall; $0.03 net benefits)."
Shares of Honeywell International closed at $106.94 yesterday.
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