Barclays Reiterates an 'Overweight' on Honeywell (HON); 3Q11: Model + Details

Barclays reiterates an 'Overweight' on Honeywell International (NYSE: HON) price target of $69.00.

Barclays analyst says, "We like the "new" HON. Earnings beats most quarters, significant FCF generation, share gains, smart acquisitions and transparent reporting. Nice 3Q beat and raise supports this and stock performance on Friday (+6% vs. S&P 500 +2%) appears justified, in our view. Stock had been a laggard of late as some investors were concerned about fire/security markets, Europe turbo, avionics business, and pension heading into the print. Management did a good job at alleviating these concerns on the call and it looks like the stock is setting up for a good 2012. HON pulled forward restructuring (by offsetting against CPG gain), pre-funded pension (even smartly used overseas cash to fund int'l pension), and has a solid long-cycle order book that should set up for at least mid single digit organic growth next year in a slower macro scenario." (Barclays raises FY EPS estimate from $3.90 to $4.02)

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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