Nomura Securities Maintains a 'Buy' on Honeywell (HON); Q4 Review

Nomura Securities maintains a 'Buy' on Honeywell International (NYSE: HON) price target of $65.00.

Analyst, Shannon O'Callaghan, said, "4Q segment profit beat by $0.03, driven by ACS incremental margins of 53% vs. guidance for 25-30%. We estimate ACS incrementals would have been 25-30% adjusting for prior-year Sperian acquisition accounting, but that benefit was already in guidance, so still a beat in 4Q, although the underlying run rate looks consistent with 25%-plus guide for 2012. Management maintained 2012 guidance at $4.25-4.50, with 1Q potentially conservative at $0.93-0.98. The company indicated that it is tracking ahead of 2014 targets, which sets up a likely positive investor meeting on March 7. We lower our 1Q EPS estimate by $0.02 to $0.98; maintain 12/13 EPS estimates at $4.45/4.95 and price target at $65 (~14.5x 2012 EPS)."

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 $58.27 yesterday.

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