Nomura Securities maintains a 'Buy' on Honeywell (HON); Building its Reputation for Reliable Earnings Growth

Nomura Securities maintains a 'Buy' on Honeywell International (NYSE: HON) price target raised from $62 to $65.

Nomura analyst, Shannon O'Callaghan, says, "Continued strength in key aerospace and oil & gas end markets combined with proactive restructuring and other tailwinds should set up Honeywell for another solid earnings growth year despite softness in shorter cycle areas (Turbo, ACS products, Advanced Materials). Honeywell issued 2012 EPS guidance of $4.25-$4.50 vs. our $4.30 estimate and consensus of $4.44. Management reiterated their 2011 guidance, although they are guiding to the $4.03 mid-point (vs. prior $4.00-$4.05 range). Sales appear to be tracking at the lower end of the range given shorter cycle businesses slowing in Europe and China. We trim 2011 EPS to $4.03 but raise 2012 to $4.45 and our price target to $65 based on approximately 14.5x our new 2012 EPS estimate."

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 $52.41 yesterday.

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