RBC Capital Cuts Price Target on Honeywell (HON) to $133; Reiterates Outperform
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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."
Shares of Honeywell International closed at $106.94 yesterday.
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