Barclays Maintains an 'Overweight' on Honeywell (HON); Thoughts on 2012 Outlook

Barclays maintains an 'Overweight' on Honeywell International (NYSE: HON) price target raised $1 to $70.

Barclays analyst says, "We are believers in the mid/late innings of the HON turnaround story - and 2012/13 are likely to be the years which show the greatest evidence of HON's improvements. The company has done a very good job with cash reinvestment in the last 5-6 years, with the best example being the rollup of the personal safety products market. HOS (Honeywell Operating System) is reaching critical mass and gives us confidence in the margin improvement story. Aerospace recovery is strongly on track and Turbochargers and Materials businesses remain under-appreciated assets. HON has outsized exposures to some of the most interesting markets we cover. Backlog is strong, mix is beneficial and the outlook for 2012 is good. All in, guidance looks highly beatable in our view, depending, of course, on the magnitude of Europe's recession...are tweaking our 2012E EPS to $4.35 from $4.30."

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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