UPDATE: Credit Suisse Downgrades Honeywell International (HON) to Neutral
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Credit Suisse analyst John Walsh downgraded Honeywell International (NASDAQ: HON) from Outperform to Neutral with a price target of $226.00 (from $243.00).
The analyst comments " We continue to believe that HON is a high quality Industrial Software company with leading businesses across each segment (e.g., aero aftrmrkt, building ctrls., UOP, and Intelligrated). However, as we look across “mega” cap stocks with leverage to cyclical Aerospace recovery, we see more upside potential in GE. We are downgrading HON to N while upgrading GE to OP from N. We note that HON and GE underperformed the S&P 500 in Dec 2021 by 2% and 3%, respectively. We are currently modeling 2022 Op. Margin exp. driven by Safety & Prod. Sols. and expect only modest margin expansion at Aero given already strong execution and neg. mix potential."
Shares of Honeywell International closed at $206.98 yesterday.
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