Honeywell International (HON) PT Lowered to $222 at Credit Suisse
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Credit Suisse analyst John Walsh lowered the price target on Honeywell International (NYSE: HON) to $222.00 (from $230.00) after shares fell -3.7% after the Q4 earnings release. (HON vs. S&P500 -1.9%). Consensus estimates fell into the print implying that investors anticipated a conservative guide for FY21 and Q121. HON guided FY21 EPS to $7.60-$8.00 vs cons’s of $7.84 (into the
print) on organic growth of 1-4% and OMX of 30-70bps. Aero is guided flat to up LSD as
flight hours are expected to accelerate in H2 governed by broader vaccine deployment.
The analyst reiterated an Outperform rating, stating "We think part of the stock reaction was related to the J&J vaccine efficacy to COVID-19 variants as this potentially delays the Aerospace aftermarket recovery." He went on to state "Our target price of $222 (from $230) is based on 25x (from 26x) our 2022 EPS estimate of $8.90 (from $8.85). We believe HON can sustain at or above the upper band of its historical 15% premium to the S&P 500 driven by margin execution, balance sheet optionality, and early visibility into an aerospace recovery as vaccines are deployed."
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