Nomura Securities maintains a 'Buy' on Honeywell (HON); Investor Meeting Recap: Margin Incentives Reinforce '14 Targets

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

Analyst, Shannon O'Callaghan, said, "The company is “on track’ towards 2014 targets and added a margin expansion component to its 2-year incentive compensation, which could be a key driver of earnings growth and multiple expansion. In line with our preview, Honeywell left its 2014 targets unchanged. The company did guide 1Q12 EPS to the high end of previous guidance, now $0.96-$0.98 vs. prior $0.93-$0.98, and we think Aero and PMT are two strong spots. Given the company’s premium execution at a discount valuation (a 7% P/E discount and a 4% P/FCF discount relative to our sector’s 2012 EPS estimates), we think our PT could be conservative."

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 $57.74 yesterday.

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