Nomura Securities Maintains a 'Buy' on Honeywell (HON); 3Q11 First Cut - Aerospace Delivers

Nomura Securities maintains a 'Buy' on Honeywell International (NYSE: HON) price target of $62.00.

Nomura analyst, Shannon O'Callaghan, said, "Aerospace was a key beat in the quarter after the pressure from B&GA last quarter. Commercial aerospace aftermarket growth was very strong at 17% and Aero margins snapped back from 16% in 2Q to 18.2% in 3Q, beating our 17.7% estimate. SM margins were down
as expected but not as by as much as we thought. The segments beat us by $0.04. Guidance up from $3.85-$4.00 to $4.00-$4.05 and pension expense expected to be flat in 2012. Combined with tailwind from restructuring and other items, this is a nice setup for 2012."

For more ratings news on Honeywell International click here and for the rating history of Honeywell International click here.

Shares of Honeywell International closed at $48.46 yesterday.

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