Nomura Securities Maintains a 'Buy' on Honeywell International (HON); Preview of Investor Meeting

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

Analyst, Shannon O'Callaghan, said, "Over the last ten years, Honeywell has undergone an impressive transformation through which it not only improved its cost structure, but also rejuvenated its growth opportunities. Despite this positive 10 year transformation, Honeywell’s forward P/E relative to our EE/MI sector is still remarkably near the levels of 10 years ago. In the meeting, we expect the company to confirm 2014 targets, once doubted to be achievable. We do not expect margin targets to get raised, but the stock doesn’t need it, given they currently imply nearly $6 of EPS in 2014. Trading at a 4% discount to our EE/MI sector (vs a range of a 10% premium to a 10% discount), we see upside to our $65 price target (based on 14.5x our 2012 EPS estimate of $4.45)."

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 $59.10 yesterday.

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