UBS Upgrades Honeywell International (HON) to Buy

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."

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 $210.82 yesterday.

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