UBS Upgrades Honeywell International (HON) to Buy
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UBS analyst Markus Mittermaier upgraded Honeywell International (NASDAQ: HON) from Neutral to Buy with a price target of $237.00 (from $229.00).
The analyst comments "We upgrade to Buy w/ PT of $237 (~12% upside) as we expect growth into '22 & '23 to surprise to the upside and model EPS ~4% ahead of cons. We expect org. growth of ~11% (~4.6% ahead of cons.) & 6.7% respectively, driven primarily by 1) a recovery in aviation (32% of 9M '21 sales, was 38% in '19), and 2) a capital spending inflection benefiting in particular the Process Automation and Oil & Gas exposures within the Performance Materials & Technologies (PMT) segment (~30% of sales), in addition to continued strong secular growth in warehouse automation (~9% of 9M '21). With the stock having been a laggard in '21, underperforming the XLI by ~21%, the risk/reward at current levels is attractive given the expected inflection in ~60% of its revenue base."
Shares of Honeywell International closed at $210.82 yesterday.
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