RBC Capital Cuts Price Target on Honeywell (HON) to $133; Reiterates Outperform

October 10, 2016 8:13 AM EDT
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Price: $117.91 -0.13%

Rating Summary:
    15 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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RBC Capital maintained an Outperform rating on Honeywell International (NYSE: HON), and cut the price target to $133.00 (from $138.00), following the company's negative 3Q preannouncement. Operating income was guided down about 10% vs. prior expectations and the revised 2017 operating income was down about 7%.

Analyst Deane Dray commented, "The slow-growth macro has apparently decelerated further and worsened familiar challenges in Aero and pressured short-cycle businesses at Outperform-rated Honeywell. Amid an impossibly complex quarter, the neg. preannouncement caught the market by surprise. The 10% decline in 3Q16 operating income helps explain the severity of the 7.5% decline in HON. We believe the stock is now sitting at a too-cheapto-ignore level, supporting our Outperform rating."

For an analyst ratings summary and ratings history on Honeywell International click here. For more ratings news on Honeywell International click here.

Shares of Honeywell International closed at $106.94 yesterday.

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