Nomura Securities Maintians a 'Buy' on Honeywell (HON); Q3 Review

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

Nomura analyst, Shannon O'Callaghan, said, "HON reported 3Q11 EPS of $1.10 versus our $1.01 estimate, consensus of $1.00, and guidance of $0.96-$1.01, a solid beat with Aero even better than we expected and Specialty Materials margins coming down less than we expected. ACS margins guided to get better in 4Q. Backlogs and end market dynamics position the portfolio well for 2012, augmented by management actions which generate 2012 tailwinds from restructuring and B&GA launch costs. Core segment performance should live through to earnings thanks to an outlook for flat pension expense in 2012. We think Honeywell could finally get credit for segment operating performance this cycle. Our 2011E EPS goes from $3.97 to $4.05. Our $62 price target is based on 14.5x 2012E EPS of $4.30."

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 $51.28 yesterday.

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